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Naira Scarcity: CBN Sanctions Sterling Bank, Parades Officials For Hoarding New Notes [VIDEO]

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Officials of the Central Bank of Nigeria (CBN) have discovered N6 million of the new naira notes hoarded in Sterling Bank Plc, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having received the funds for over two weeks.

In a trending video on social media, a man who identified himself as Oluwole Owoeye, a deputy director of CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines, (ATMs), despite having six of the machines in place.

The CBN director also announced a fine of N1 million for each day the fund was in the bank’s custody.

The CBN official said, “I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any. They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.

“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.

“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele. My name is Oluwole Owoeye and I am a deputy director of CBN.”

It will be recalled that some politicians have accused the governor of the CBN, Godwin Emefiele, of trying to sabotage the circulation of the new notes for political reasons, but the CBN, in turn accused commercial banks of sabotaging its efforts to make the new naira notes available to customers.

The deputy director, banking supervision department, CBN Lagos, Kayode Makinde, while addressing journalists in Abeokuta, Ogun State last week Tuesday, had told the public to blame the commercial banks over the scarcity of the new notes, saying the apex bank had done its part.

According to the CBN senior staffer: “This is the third week of ensuring strict implementation of our directive as regards the issuance of new notes. We have banks, agents and super agents circulate new notes in the economy. The experience has been mixed, we saw some trying to hoard new notes, we compelled them to upload into ATM terminals, and others had poor cash management.

“From our experience, CBN should not be blamed but commercial banks for scarcity. We caught some of them, with new notes in their vault, and we compelled them to upload them to their machines. We told them that instead of trying to ration, upload the ones they have and contact your central cash management unit which has direct access to CBN for more.

“We came across instances of sabotage on the part of operators, we will take the case up and they will be dealt with appropriately.

“We came across one of them that couldn’t account for almost four million naira of new notes and appropriate sanction will be placed on them.”

BIG STORY

Police Arrest Six For ‘Hacking Telecoms Firm To Divert N7.7bn Airtime’, Recover 400 Laptops, 1000 Mobile Phones

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Operatives of the Nigeria Police Force (NPF) have arrested six suspects for allegedly hacking into a telecommunication company in Nigeria to divert airtime and mobile data worth N7.7 billion.

A statement on Wednesday by Benjamin Hundeyin, the force spokesperson, said the suspects allegedly gained unlawful access to the telecommunications company’s core systems.

The suspects are Ahmad Bala, Karibu Mohammed Shehu, Umar Habib, Obinna Ananaba, Ibrahim Shehu, and Masa’ud Sa’ad.

Hundeyin said operatives recovered two mini plazas, retail outlets containing over 400 laptops, 1,000 mobile phones, and a Toyota vehicle.

The force spokesperson said a “substantial” amount of money was traced to the suspects’ bank accounts.

“The syndicate was responsible for the illegal diversion of a telecommunications company’s airtime and data resources, resulting in an estimated financial loss of over ₦7.7 billion,” the statement reads.

“The breakthrough followed a petition by a Nigerian telecommunications company, which reported suspicious and unauthorized activities within its billing and payments infrastructure.

“Investigations revealed that internal staff login credentials had been compromised, granting threat actors unlawful access to core systems.

“Following weeks of planning, coordinated enforcement operations were executed in October 2025 in Kano and Katsina States, with a follow-up arrest in the Federal Capital Territory.

“The suspects would be charged to court on the completion of the investigation.

“Meanwhile, the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM, has commended the officers involved in the investigation for their professionalism.”

 

 

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NLC Directs Unions To Continue FCTA Strike Despite Court Order

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The Nigeria Labour Congress (NLC) has directed its affiliate unions in the Federal Capital Territory (FCT) to continue the ongoing strike by workers of the FCT Administration, despite a court order directing that the industrial action be suspended.

The directive was contained in a circular dated January 27, 2026, and signed by Benson Upah, the acting general secretary of the NLC.

In the circular addressed to presidents and general secretaries of all Abuja-based unions, the NLC said it was “reaffirming and reinforcing” its earlier instructions for workers to sustain the strike action until their demands are fully met.

“We hereby reaffirm and reinforce the directive to all affiliate unions in the FCT to not only proceed with the ongoing action but to intensify and sustain it until all workers’ demands are fully addressed,” the circular reads.

The NLC noted that issues such as unpaid wage awards and promotion arrears, non-remittance of pension and National Housing Fund deductions, as well as alleged intimidation of workers, are yet to be resolved.

“These violations are grave, unacceptable, and incompatible with the principles of fairness, justice, and decent work,” the NLC said.

“Affiliate unions are therefore directed to fully maintain participation in the industrial action; reinforce mobilisation of members for all congress-approved activities; and mobilise members to continuously participate in daily prayer and solidarity sessions from 8:00 am to 5:00 pm at designated venues across the FCT.”

The NLC warned against any withdrawal from the strike at this stage, saying such action would embolden further violations against workers.

“This struggle demands unity, discipline, and unwavering commitment. All affiliates are expected to comply strictly with this directive in the collective interest of the Nigerian working class. An injury to one is an injury to all,” the circular reads.

On Tuesday, a national industrial court in Abuja ordered workers on the payroll of the FCTA to suspend the strike.

Delivering a ruling, Emmanuel Subilim, presiding judge, held that although the matter before the court amounted to a trade dispute, the defendants’ right to embark on industrial action was not absolute.

He held that once a dispute has been referred to the national industrial court, any ongoing strike must cease pending the determination of the case.

 

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BIG STORY

Return To Work Immediately Or Face Legal Action, Wike Tells FCTA Workers As Court Orders Strike Suspension

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The Minister of the Federal Capital Territory, Nyesom Wike, on Tuesday warned striking staff of the Federal Capital Territory Administration to return to work immediately or face legal action, following a National Industrial Court ruling ordering an end to the strike that has disrupted public services in Abuja for over a week.

Briefing journalists shortly after the court’s decision, Wike insisted that the rule of law must prevail and accused political actors of exploiting the industrial action for motives unrelated to workers’ welfare.

“The administration was already in the process of mediation when some politicians hijacked the strike,” he said, adding that several of the workers’ demands were “frivolous” and either unreasonable or already addressed.

Wike said the FCTA approached the court after determining that the strike had been “hijacked by politicians,” despite ongoing dialogue and attention to a substantial number of workers’ concerns.

He highlighted the administration’s efforts to support staff welfare, including salary payments and reforms within the civil service.

The minister disclosed that more than N12bn had just been approved for the payment of January salaries to FCTA workers, describing the move as evidence of the government’s commitment to its workforce.

Pointing to improved revenue performance under his leadership, Wike noted that the FCT had generated over N30bn in internally generated revenue, a significant increase compared with previous years.

He urged workers to recognise reforms implemented by the administration, including the establishment of the Civil Service Commission and infrastructure investments across the territory.

“Workers are largely responsible for the lack of development in states, including the FCT,” he said.

Wike dismissed circulating reports suggesting he had been forced out of his office during protests linked to the strike.

“I was never chased out of the office,” he said, explaining that he had merely stepped out to see President Bola Tinubu off at the airport.

Adopting a firm stance, the minister warned against further disruptions of government operations.

“Anyone who dares to lock the gates again will be made a scapegoat, because the law must be obeyed.”

He alleged that some senior civil service officials had played a role in sustaining the strike, claiming that certain directors were instigating the action, but said this would not prevent the administration from pursuing the right course.

Wike emphasised that engagement between workers and the government did not require direct access to him personally.

“Seeing me in person is not a right,” he said, noting that workers’ representatives had been in discussions with management throughout the dispute.

He concluded by warning that staff who failed to comply with the court order and resume duties immediately would face legal action, signalling a tougher enforcement phase as the FCTA seeks to restore full public services.

Workers of the FCTA, operating under the Joint Union Action Committee, had embarked on an indefinite strike on January 19 over unresolved welfare concerns.

The National Industrial Court issued an interlocutory injunction stopping the strike after an application by Wike.

Justice E.D. Subilim granted the order on January 21 and adjourned the suit to March 23, 2026, for hearing of the substantive case.

Delivering his ruling on Tuesday, Justice Subilim said the defendants’ right to strike was not absolute.

“The defendant’s right to an industrial action is not absolute, but as circumscribed by law,” he said. He prohibited workers from participating in the strike once a dispute had been referred to the court and ordered that any ongoing strike must cease pending determination.

“An order of interlocutory injunction is hereby granted, restraining the defendants and respondents, their agents, representatives… together with all other members of the Joint Unions Action Committee … from further embarking on any industrial action, strike, picketing, lockout, or any other form of obstruction against the claimant, parastatals, and political appointees,” the judge added.

Counsel for the claimants, James Onoja (SAN), hailed the court’s decision, urging the unions to obey the order and return to work while allowing room for mediation.

“We commend the court for making an order for the stopping of the strike… I think this is commendable because it will allow the parties to discuss. Our plea to the Union is to allow industrial harmony. They should go back to work and allow for mediation,” Onoja said.

Counsel for the respondents, Maxwell Opara, described the workers as law-abiding citizens and said he would advise the unions to respect the court order.

“The workers are law-abiding citizens. We are going to advise them to respect the court. The one good thing is that the court has also mandated that we commence mediation, not as a matter of advice, in line with the law… we must comply with it,” Opara said.

JUAC President, Rifkatu Iortyer, confirmed that workers would comply, call off the strike and immediately return to work while continuing to “push for other things.”

“We are law-abiding citizens, and because they have said we should return to work, we are returning to work, pending our next appearance,” she said.

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