News
Naira crisis: Banks shun CBN directive, collect old N1,000, N500
Naira crisis: Banks shun CBN directive, collecome Deposit Money Banks on Saturday opened their branches to customers for the purpose of collecting old N500 and N1,000 notes for deposit into their accounts.
On Friday, the CBN had ordered banks to start collecting the old N500 and N1,000 notes from members of the public and pegged the maximum amount they could collect from individuals at N500,000.
The CBN swiftly issued a counter statement signed by the Director, Corporate Communications, Osita Nwanisobi, saying it did not give such a directive.
The banking regulator stated, “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and N1,000 banknotes.
“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 re-circulate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.”
When one of our correspondents visited Access Bank in Oregun, Lagos, the branch was attending to customers who had succeeded in filling the required form from the CBN portal, and collecting the old N500 and N1,000 from them.
The CBN had opened a portal on its website and mandated all those willing to return their old notes to fill a form and generate a reference code.
An official at the Access Bank branch explained to Sunday PUNCH, “We are only collecting deposits of the old notes from those who have filled the form and generated the code. If you don’t have a code, you cannot enter because you will not be attended to. We have been open since 10am and will close by 2pm.”
When asked how many times a customer could come and deposit, he said, “You are required to bring all the deposits at once and it must not be more than N500,000.
“If it is more than N500,000, you have to take it to the CBN and we can collect it only once from you because the deposit will be linked to your BVN.”
At Zenith Bank on Isaac John Street, Ikeja GRA, customers also came to deposit their old N500 and N1,000 notes before the bank closed by 2pm.
A security guard said, “If you don’t have a reference code, you cannot enter.”
He explained how to generate the reference code saying, “You have to go to the CBN website to register on the portal. Some people don’t know how to do it, but they have been going to cybercafés to generate the code. That is when you can deposit and it must not be more than N500,000.”
The GTBank at Olowoira in the Ojodu area of the state was also attending to depositors when one of our correspondents visited on Saturday.
A security guard, who refused to disclose his identity because he was not authorised to speak on the matter, said, “We have closed already, but some people are still inside the banking hall. We closed at 1pm and only those that had the code were allowed in.
“Some people came but because they did not have the code, we did not allow them in because it is mandatory. Those who had the code before 1pm were allowed in and some of them are still inside now, but we have closed for today to those that are just coming.”
Some depositors seen outside, however, expressed disappointment over the confusing information by the CBN over the collection of the higher denominations.
A man told our reporter “I have N480,000 that I want to deposit but I heard yesterday (Friday) that the CBN said it did not direct the banks to collect the notes, so I stayed at home.
“Later when someone called me that he was able to deposit the old notes, I rushed to the bank but was told that they had closed for the day.
“This is unfair because the information did not circulate. People were just saying all sorts of things. It is not fair coming here now and I cannot even enter the bank.”
Another woman standing outside the bank, Florence Ogundeji, said, “I thought it was not true until I got to the bank. It was then that I had to go and look for how to generate the code and when I came back, they did not allow me in. I have been standing outside.”
At the Polaris Bank branch at Olowoira, the security guards said the collection of the old notes was fake news and the bank did not open to the public.
However, a young man who was standing in front of the bank and spoke with our correspondent on condition of anonymity said, “I heard that we can deposit our N500 and N1,000 notes and that is why I am here.
“I have N170,000 with me but they are telling me that they are not collecting it.”
When Sunday PUNCH visited the UBA at Ojodu, an official of the bank said, “People have been coming to deposit their old notes, but we could not attend to them today because even if they have their code, our bank does not have the pin to verify the code.
“It is true that they can deposit the old N500 and N1,000 notes, maybe if our bank is able to get the pin by Monday, we will begin to collect the notes.”
The Methodist Church Nigeria has honoured the General Manager of the Enugu State Community and Social Development Agency (CSDA), Hon. Monday Diamond Ani, with the prestigious “Apostle of Faith Award” in recognition of his outstanding humanitarian services and contributions to community development.
The award was presented by the Methodist Diocese of Akegbe, Aninri and Awgu Archdiocese (AAA) under the leadership of Rt. Rev. C. Orji, the Methodist Bishop of AAA Diocese, Enugu.
According to the Church, the honour was bestowed on Hon. Ani in acknowledgment of his selfless commitment to community development, social welfare, and humanitarian service over the years. The Church noted that his contributions have transcended political considerations and have positively impacted countless lives across communities.
His consistent humanitarian interventions have earned him the popular title “Odoziobodo”, meaning “one who builds and restores communities.”
Hon. Ani is widely regarded as a passionate advocate for community service, driven by a desire to improve living standards and promote love, unity, and a sense of
belonging among the people. His dedication reflects Christ’s teaching on the greatest commandment—love for God and love for one’s neighbour—placing service to humanity at the centre of purposeful living.
Due to his unavoidable absence, the award was received on his behalf and later presented to him at his office by Dr. Okechukwu Animba, Vice President (South-East) of the Senior Staff Association of Nigerian Universities (SSANU).
Responding to the honour, Hon. Ani expressed profound gratitude to Rt. Rev. C. Orji and the entire Methodist Diocese for recognising his humanitarian efforts. He prayed for God’s continued grace and strength to serve humanity and touch more lives through his work.
He also appreciated his principal, the Executive Governor of Enugu State, Dr. Peter Mbah, for appointing him to lead the CSDA, an agency charged with driving community interventions and sustainable development across the state.
When the Enugu State House of Assembly adopted the report of its Special Committee on Land Matters and Disputes in 2024, many observers described it as a watershed moment in the long-running controversy surrounding the Centenary City land in Amechi and Obeagu communities.
The report attracted national attention because it tackled a dispute that had generated numerous court cases, allegations of intimidation, destruction of property, community unrest, and claims involving some of the most influential figures in the state.
For many residents of Amechi and Obeagu, the Assembly’s intervention provided the first official platform where their grievances appeared to receive impartial consideration. The committee’s findings were widely commended for their detailed examination of the circumstances surrounding the acquisition and development of over 1,097 hectares of ancestral land.
At the heart of the controversy was the allegation that Private Estates International West Africa Limited (PEIWA), operating under a development agreement with the Enugu State Government, relied on questionable documents to assert rights over vast portions of land originally linked to a proposed university project initiated during the administration of former Anambra State Governor, Dr. Jim Nwobodo.
After reviewing submissions from the parties, the Assembly committee identified several inconsistencies in documents connected with the acquisition process. Among its findings were concerns regarding the authenticity of a survey plan purportedly prepared for the “Permanent Site of Enugu State University of Science and Technology” in 1985, despite the fact that Enugu State had not yet been created at that time.
Controversial Enugu Centenary Land: A Daniel Has Come To Judgement
The committee also questioned the authenticity of signatures and official endorsements appearing on key documents, including survey records, gazette notices, and correspondences allegedly executed on behalf of traditional authorities in Amechi and Obeagu communities.
Based on these findings, the committee concluded that the host communities had established that they were not properly carried along in the acquisition process and recommended dialogue, compensation, government intervention, and a comprehensive audit of lands developed under the Centenary City project.
At the time, many hailed the report as evidence that the legislature was willing to confront powerful interests in defence of justice and accountability.
Two years later, events appear to have given fresh significance to those findings.
Today, Kingsley Eze, Chamberlin Mbachu and Private Estates International (W.A.) Limited are facing criminal charges before the Federal High Court, Enugu, in connection with the alleged forgery of a survey plan linked to the disputed acquisition of ancestral lands in Amechi and Obeagu communities.
According to the charge sheet in Charge No. FHC/EN/CR/84/2025, the defendants are accused of conspiring to forge a survey plan titled “Permanent Site of Enugu State University of Science and Technology” purportedly dated 1985.
The prosecution alleges that the defendants knowingly made or uttered the survey plan as a genuine document despite its alleged falsity. The offences are said to be punishable under relevant provisions of the Miscellaneous Offences Act.
The criminal charges have drawn renewed attention to the conclusions reached by the Enugu State House of Assembly in 2024, particularly its observations regarding inconsistencies surrounding the same survey plan and related acquisition documents.
The developments have also prompted further advocacy from civil society organisations. The Rule of Law and Accountability Advocacy Centre (RULAAC) has called on the Inspector-General of Police to direct the Police Monitoring Unit to take over investigations and prosecutions connected with the dispute, investigate allegations of misconduct against certain police officers, and review criminal proceedings allegedly used for harassment and intimidation.
In a separate petition dated May 28, 2026, RULAAC also urged the Inspector-General of Police to intervene in two criminal cases pending before the Federal High Court, Enugu, citing repeated failures by law enforcement authorities to produce defendants for arraignment.
The cases include Charge No. FHC/EN/CR/84/2025, IGP v. Kingsley Eze & 2 Others, and Charge No. FHC/EN/CR/222/2024, IGP v. Alex Ifeadi & 2 Others.
As the criminal proceedings continue, many observers believe the matter has entered a decisive phase. The allegations that were once the subject of community petitions, legislative inquiries and public debate are now before a court of law for determination.
Whether the Assembly’s 2024 report marked the beginning of accountability or merely one chapter in a much longer struggle remains to be seen. What is clear, however, is that the issues raised by the Amechi and Obeagu communities have not faded away. Instead, they have evolved into a legal test that could shape public confidence in land administration, governance and the rule of law in Enugu State for years to come.
If the legislative findings, criminal investigations and court proceedings ultimately converge on the truth, then many residents may indeed conclude that, at long last, a Daniel has come to judgment.
Son of the late head of state and former Minister of Defence, Chief Thomas Aguiyi-Ironsi, in a letter of remembrance and solidarity written on behalf of the Aguiyi-Ironsi family to the Fajuyi family, marking the 60th anniversary of his death, said July 29, 2026, will be a solemn occasion to honour a soldier they described as “a war hero who offered himself as a sacrificial lamb for the unity and integrity of the nation.”
The family recalled that Lt Col Fajuyi, then Military Governor of the Western Region, made the ultimate sacrifice in 1966 when mutinous soldiers abducted him alongside Maj Gen Aguiyi-Ironsi in Ibadan during the military counter-coup.
They stated that Fajuyi, in a defining moment of conscience, chose honour over personal safety and refused to abandon his guest and superior, a decision the family said reflected the highest ideals of loyalty, integrity, and military brotherhood.
According to the statement, his action transformed him into a national martyr whose legacy continued to inspire unity, courage, and selfless service.
The Aguiyi-Ironsi family also expressed sympathy with the Fajuyi family, acknowledging the enduring pain of their loss, while praying for continued strength, comfort, and peace.
The statement further stated, “He did not run. He did not hide. He chose to stand. In that sacrificial decision lay the essence of his greatness.”
The family called on government institutions, military authorities, and custodians of national memory to ensure sustained recognition and support for the Fajuyi family, stressing that his sacrifice remained a national responsibility to remember and honour.
It urged Nigerians to draw inspiration from his life and death, noting that his legacy continues to challenge the nation to uphold unity, courage, honour, and selfless service.
Fajuyi was killed on July 29, 1966, during the military counter-coup in Ibadan alongside Aguiyi-Ironsi.
By Okey Maduforo Awka
The emergence of Chief Ikeagwuonu Ugochinyere as the Minority Leader of the Federal House of Representatives has been described as a vindication of the fact that the Action People’s Party (APP ) represents the collective interests of the Nigerian masses.
Recall that recently, Ugochinyere was elected as the Minority Leader of the party in a keenly contested election of the Federal House of Representatives.
According to a statement by the Chairman Anambra state chapter of the APP Chief Chijioke Okeke, Ugochinyere had been consistent in offering himself as the voice of the people and that of the voiceless.
“It did not come to us as a surprise that our great leader High Chief Ugochinyere became the Minority leader of the Federal House of Representatives because he has always been consistent and focus towards providing himself as the only vent for the masses at the Green Chambers”
“We know his pedegre as a politician as well as a leader and he has remained focus in ensuring that the voiceless are heard and this is also a vindication of our party’s unflinching desire to provide a veritable platform in a democratic process”
Okeke further stated that the fifth columnists who had attempted to deregister the party have been put to shame adding that the party shall continue to champion the interests of the Nigerian people.
“They made failed attempt at deregistering our great party but they lost sight of the fact that the APP is firmely rooted on ground and has all that it takes to drive the wishes and aspirations of the Nigerian populace and with this recent development our traducers have been put to shame and our party is on the path of further greatness “. Okeke noted .
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