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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

An Icon Of Service: NATCOM Boss, Otunba Adejare Adegbenro’s Leadership Legacy

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In the intricate mosaic of Nigeria’s societal fabric, Otunba Adejare Adegbenro stands as a beacon of commitment, resilience, and service.

Born on March 6th, 1973, in Lagos, he draws from a lineage steeped in political legacy, being the grandson of the late Premier of Western Region, Alhaji Daudu Sooroye Adegbenro. Raised in a family that values service to the community, Otunba Adegbenro has carved his path as a distinguished figure in Nigerian society.

The culmination of his familial heritage and dedication to community service was marked by his installation as the first Otunba Laje of Owu Kingdom in Ogun State, Southwest Nigeria.

This historic event, which took place on January 20th, 2018, under the auspices of His Royal Majesty Oba Olusanya Dosunmu II, traditional ruler of Owu kingdom, reinforced Otunba Adegbenro’s deep-rooted ties to his cultural heritage and commitment to uplifting his people.

Beyond his traditional titles, his influence extends globally, with his appointment as High Commissioner by the International Human Rights Commission (IHRC), where he spearheads foreign special missions aimed at preventing illegal migration and human trafficking. This appointment is a testament of his reputation as a renowned security expert and industrialist, whose expertise transcends national borders.

In his role as the acting Director-General of the National Commission against the Proliferation of Arms, Light Weapons, and Pipeline Vandalism (NATCOM), Otunba Adegbenro has demonstrated a steadfast commitment to combating threats to national security. His vast experience in security consultancy and supply of security gadgets has positioned him as a pivotal figure in Nigeria’s security landscape.

However, Otunba Laje of Owu Kingdom’s contributions extend beyond the realm of security.

Through his foundation, the Otunba Adejare Adegbenro Foundation (OAAF), he channels his resources towards uplifting the less privileged in society. With initiatives ranging from the provision of boreholes to communities lacking access to clean water, to scholarships for deserving students, he exemplifies the spirit of philanthropy and communal solidarity.

Reflecting on his journey, Otunba Adegbenro once acknowledged the challenges he has faced, from navigating the complexities of entrepreneurship to confronting societal stereotypes.

Yet, through it all, he remains resolute in his commitment to service and upliftment. His philosophy, rooted in faith and compassion, drives him to make a tangible difference in the lives of others, regardless of obstacles encountered along the way.

Otunba Adejare Adegbenro stands as a testament to the power of leadership, resilience, and unwavering dedication to the common good. In him, Nigerians find not only a visionary leader but a compassionate steward of progress, whose impact reverberates far beyond the shores of his homeland.

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JUST IN: FG Grounds All Dana Air Operations Following Tuesday’s Incident At MMIA

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There were hints, on Wednesday, that the nation’s Minister of Aviation, Festus Keyamo, might have halted Dana Airline operations.

The instruction was issued in response to the April 23 incident involving a Dana Air aircraft at Lagos airport, which compelled aviation officials to reroute flights from the local airport to the international one.

According to earlier reports, on Tuesday at the Murtala Muhammed International Airport in Lagos, one of the airline’s aircraft, registered under the registration number 5N BKI, went off the runway.

While the details surrounding the incident were not readily available as at press time, no casualty was recorded, as passengers safely disembarked using the front exit door.

The last time the airliner nearly got into major accident was on May 3, 2022, when no fewer than 50 passengers who were onboard a Lagos-bound aircraft were rescued after its tyres caught fire.

The airplane involved was scheduled to take off from Port Harcourt International Airport enroute Lagos. As in that incident, there were no casualties also.

 

More to come…

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Lagos To Purchase 2,231 Buses For Ease Of Transportation

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The Lagos State Government has released 2,231 extra buses into the public transport system, demonstrating its willingness to facilitate people’ mobility.

During Tuesday’s 2024 Ministerial Briefing, Oluwaseun Osiyemi, the Commissioner of Transportation, revealed this.

During the press conference held at the Bagauda Kaltho Press Centre in Alausa, Ikeja, Osiyemi restated the administration of Governor Babajide Sanwo-Olu’s pledge to provide the people of the state with efficient and reasonably priced transport options.

According to NAN, the 2024 edition of the ministerial briefing began on Tuesday.

It will run until May 29, with ministries giving account of their stewardship in the last one year of Governor Sanwo-Olu’s second term in office.

Osiyemi said that the state government, in partnership with private investors, would augment the Bus Rapid Transit in operation with the 2,231 buses to be injected into Lagos State transport system.

He said: “Our mutually beneficial partnership with the private sector has continuously yielded positive results.

“We expect 2,000 Compressed Natural Gas buses before the end of the year to come in two phases.

“We had receive 1,000 CNG buses first, then we’ll receive the other 1,000 shortly.

“In addition, we are to receive 231 electric buses in Lagos State.

“The government will only be a regulator.

“Transportation is very crucial in a metropolitan city like Lagos State, and as such Governor Sanwo-Olu is committed to our T.H.E.M.E.S Agenda, which is our focal point, and we will leave no stone unturned.

The Commissioner attributed the absence of traffic lights on some major roads to the ongoing road construction and upgrade of traffic lights as security intelligence cameras.

Osiyemi further enlightened residents of the implications of committing traffic offences.

He said: “We’re aware of some non-functional traffic lights.

“We had to disconnect them because of the ongoing road construction.

“Then, again, we intend to upgrade most of these traffic lights to help us gather intel on erring road users.

“There’s no fine for following one-way.

“Your car will be impounded, then you will be subject to a psychiatric test before you are  charged to court, for a possible jail term, depending on the result of your psychiatric test.”

Osiyemi said that the government was prioritising the completion of strategic transport projects encompassing rail, water, road, and bus infrastructure.

By ensuring the timely delivery of the projects, he said the administration aimed to bolster the state’s transportation capabilities and cater to the evolving needs of the populace.

Sola Giwa, Special Adviser to the Governor on Transportation, denounced the notion that only private drivers are arrested for traffic offences.

He urged residents to insist on going to the designated offices when they are stopped for traffic offences.

Giwa said one of the ways residents won’t fall for their tricks is by simply following them to their office.

He said: “As adults, we should be able to tell what a real office of the Ministry of Transportation looks like.

“The moment you want to insist on going to their office, they will refrain from their mischief.”

On commercial buses, Giwa said: “The only reason you’d rarely see public buses in our compound is simply because they earn by the second.

“They know that for every minute that car stays in our compound, they lose money, they always focus on getting the required fine paid.

“Unlike private drivers, it’s for personal use.

“So often, they take their time to rally round to pay the fine for their offences.”

Meanwhile the introduction of Traffic Management Solution devices, handled by the Lagos State Traffic Management Authority officers, is reportedly paying off as 26,816 violations were captured in three months, from January to March.

Wale Musa, the Permanent Secretary of the ministry, urged residents to help in exposing fake officials.

Some other achievements of the ministry mentioned at the event included the commencement of operation of the Blue Line Mass Transit, with which over one million passengers have been transported.

Also, the recently inaugurated Red Line, when in operation, is envisaged to transport 250,000 passengers per day initially.

The 37km rail line integrating key bus terminals at Oyingbo, Yaba, Oshodi, Ikeja and Iju extends to Agbado in Ogun State.

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