Business
Cash scarcity: NLC warns of mass protest, banks cut withdrawals
Five days to the Christmas Day celebration, the congress said in a statement by its National President, Joe Ajaero, that the situation had serious implications for citizens, insisting that urgent steps must be taken to address it.
Bank customers have been groaning over their inability to access cash to meet daily needs, despite assurances from the Central Bank of Nigeria.
The banks have continued to ration cash over-the-counter, while many ATMS are not dispensing cash.
However, NLC in the statement warned the Federal Government and the Central Bank of Nigeria that a mass public protest was imminent if nothing was done to address the naira shortage.
Ajaero said, “Fresh in the minds of every Nigerian is the excruciating conditions that we were subjugated to as a result of the last cash crunch earlier this year that was orchestrated by the ill-conceived and ill-implemented currency redesign policy of the immediate past. The sorrow that botched exercise foisted on us is not what Nigerians wish to witness again in one year.
“This time, there is no discernible reason by the Central Bank of Nigeria, neither any explanation from the government on why Nigerians should be subjected to this level of suffering once again in 2023; though we have heard reasons like the increase in fake notes in circulation and the hoarding of the naira. These reasons are clearly unacceptable as we cannot see anything that will make any Nigerian hoard the naira. In any case, it is not the ordinary Nigerian that hoards money in their houses.”
The NLC leader said if the CBN was saying that those with ill-gotten wealth were stashing cash in their houses to avoid detection, it became a heavy indictment on the government’s anti-corruption agenda.
This, he added, “Is because what the CBN is saying is that since the assumption of office of this government, that the level of graft has increased resulting in the creation of hideouts for the slush funds.
In the statement, the NLC further explained, “The question then is, should the ordinary citizens be made to suffer the apparent incompetence of government in prosecuting the anti-corruption war, or is it that there is actually no anti-corruption war going on?
“Nigerians are spending more time in the banks, trying to source for cash not for monies that are not in their accounts, but for their own money. This is undermining confidence of the public in the banks, and may discourage the citizenry from participating actively in banking. It is shameful that Nigerians would have to spend a lot of money to gain access to their hard-earned income. We are creating another avenue for economic rentiers such as the PoS operators and their collaborators in the banks to fleece Nigerians. Subjecting us again to spend our meagre salaries buying our money automatically devalues our income.”
The NLC noted that the PoS operators were charging round N400 to access N10,000, which was about four per cent reduction in the value of the income of poor Nigerians who hardly made use of electronic platforms to perform their transactions.
For citizens who were already impoverished by the same policies of government, foisting this on them again, amounted to gross insensitivity and double jeopardy, it stated.
The Labour union said, “We are worried that by this action and others, the government may be inciting the people and mobilising them to seek alternative routes for protecting themselves from these perverse policies. We believe that the elastic limit of the patience of Nigerians is being breached and no government inflicts this level of pains on its citizenry and expects them to keep quiet for a long time.
“Forcing Nigerians into revolt by continuously taking actions that deny them basic access to survival will not augur well for our nation. This cash crunch is indeed another test of the already worn patience of Nigerian masses and workers.
“During this Yuletide season which is traditionally a time of joy, celebration, and familial gatherings, but the current cash shortage threatens to cast a shadow over the festivities for many Nigerians. The unavailability of cash has led to increased difficulties in meeting daily needs, exacerbating the economic challenges faced by ordinary citizens.”
The NLC stated that it recognised the importance of a vibrant economy, and believed that it was in the interest of the nation to ensure that the citizens could enjoy the festive season without undue financial strain.
It stated, “We call on the government to take immediate and decisive action to alleviate the cash crunch and mitigate its impact on the people.
“Government should therefore explore measures to inject liquidity into the economy, ensuring that there is sufficient cash flow to meet the demands of businesses and individuals. It is fairly tale to continue brandishing cash hoarding as an excuse. Nigerians want their money and it should be made available to them. Excuses are not what Nigerians want to hear but access to their money.
“We urge government to collaborate with other financial institutions to improve banking services, such as ensuring the availability of cash at ATMs and bank branches to facilitate easy access for the public. We urge the CBN to provide clear and transparent communication to the public regarding the steps being taken to address the cash crunch and reassure citizens about the stability of the financial system.”
Lingering challenge
Findings on Tuesday showed that banks were unable to meet the cash needs of their customers
At GTbank located along Airport Road, customers were complaining about the low amount given to them.
But bank officials said the amount given was to meet the demand of all customers.
A PoS operator, Faith Emeka, said banks lacked sufficient cash. She said she resorted to making deals with market women and traders to boost money supply.
She said, “I went to bank today and I was told it is still N10,000 they are giving each customer over the counter, the bank used to give N20,000; the ATMs were not even dispensing money and it is just frustrating. I now get cash from market women and that is not without its issues because I have to move up and down to get cash, practically begging.”
Another official with a Tier-A bank, who spoke with our correspondent on condition of anonymity, blamed the perceived scarcity on hoarding by some Nigerians.
She said, “The CBN has been distributing cash to main branches of banks in each city and then the branches share among their various branches in each city.
“Also, we don’t rely only on what the CBN gives, many persons have also mopped up cash from the economy in one way or the other and are expected to deposit in banks to help with circulation of the currency in the economy but are hoarding it.”
Last week, the acting Director of Corporate Communications, CBN, Mrs Hakama Ali, said sufficient cash had been sent to all its branches across the country for onward distribution to Deposit Money Banks.
Ali emphasised that the apex bank had adequate cash to meet the day-to-day transaction needs of Nigerians.
She attributed the current situation to the hoarding of the local currency by some individuals due to challenges experienced during the naira redesign project.
She revealed that the currency in circulation had risen to N3.4tn as of December 11, from N1tn as of the end of February, indicating that there was sufficient cash in circulation.
However, findings by The PUNCH on Tuesday revealed that many banks in Lagos and other South-West states had yet to receive any cash disbursement from the central bank.
Multiple bank officials, said there was no adequate cash to meet customers needs.
They also said they had slashed the cash withdrawal limits of customers on ATMs and over the counter.
Some officials said they were forced to source cash from their branches in Abuja and Kano in order to meet the needs of customers in Lagos.
“We had to source cash from Abuja and Kano branches to meet the needs of our customers in Lagos. The situation is terrible. Many banks in the South-West are being forced to do this. We are not getting cash disbursement from the CBN,’’ an official of mid-size bank told our correspondent on condition of anonymity because he was not authorised to speak on the matter.
Business
No Bad Blood Over New Cement Factories, But Our Mining Rights Run Till 2045 — Ibeto Tells Ebonyi Govt
ABAKALIKI, EBONYI STATE — Billionaire industrialist and Chairman of Ibeto Group, Dr. Cletus Ibeto, has clarified his position on plans by the Ebonyi State Government to establish a new cement manufacturing plant, saying he has no objection to fresh investment in the state provided his company’s existing mining rights are respected.
Ibeto, who is also a core investor in the Nigerian Cement Company (Nigercem), said the proposed development should not interfere with areas covered by valid mining leases held by his company.
“We are not against the establishment of new cement factories in Ebonyi State. However, such developments must not interfere with or overlap the specific areas where Ibeto Group holds valid Mining Lease Licences issued by the Federal Ministry,” Ibeto stated.
He said the company’s statutory mining leases covering limestone deposits in the Nkalagu axis remain valid until 2045.
Ibeto stressed the need for proper delineation and mapping of mining areas to prevent conflicts between existing title holders and new investors seeking to establish businesses in the state.
Under Nigeria’s legal framework, mineral resources are vested in the Federal Government, with mineral titles administered through the Federal Ministry of Solid Minerals Development and the Mining Cadastre Office.
Nigercem Ready to Resume Operations
Addressing concerns over the future of the historic Nigercem plant, Ibeto said Ibeto Group remains committed to reviving the facility and is ready to commence work once outstanding administrative issues with the state government are resolved.
He said the company’s position should not be interpreted as opposition to new investment in Ebonyi, stressing that his concern was the protection of legally acquired mining rights.
The development could pave the way for both the revival of Nigercem and the entry of new investors into Ebonyi’s cement industry, provided the respective mining areas are clearly mapped out and existing legal titles are respected.
Business
Patience Jonathan Hails Azikel Boss Eruani as ‘Small Boy’ She Mentored Into Billionaire League
She said her guidance was behind his bold entry into big business at a relatively young age.
The former First Lady spoke on Tuesday in a video which went viral on Thursday during an inspection tour of the Azikel Refinery in Obunagha, Bayelsa State, alongside other dignitaries.
She said she personally introduced Eruani to billionaire businessmen, Aliko Dangote and Aminu Dantata, and pushed him to aspire to their level despite being the youngest among them.
“He’s a boy that I brought up. We are always together. Although he’s the little one among us when we are friends — Dangote, Seyi, Dantata, Eruani — among us, he’s the smallest. But I made sure he followed the Dangotes, he followed Dantata.
“Because I’m a woman in their midst, I made sure I told this small boy, ‘Go and follow them, and stop the grammar.’ But when he told me that one day he would be like Dangote, I said, ‘You’re thinking too high.’ I prayed to God to grant him his heart’s desire,” she said.
The former First Lady also recalled how the immediate past APC administration under Muhammadu Buhari initially failed to grant Eruani a refinery licence before eventually approving three.
“During the Buhari administration, he and others came to me and told me they were going to apply for a refinery. I told him, ‘Eruani, your brother, the President, did not give you a refinery.
“Is it the APC government that will give you one?’ I prayed it would happen. But later, they came back and told me they had been given three refineries,” she said.
The 25,000 barrels-per-day plant is a private hydro-skimming refinery designed to process condensate into petrol, diesel, aviation fuel, kerosene and other products.
It is set to become Nigeria’s second-largest full-slate refinery and the first major privately owned refinery in the Niger Delta.
The Managing Director/Chief Executive Officer of the Niger Delta Development Commission, Samuel Ogbuku, who joined the inspection tour, commended Eruani for his perseverance, noting that he had attended the project’s groundbreaking ceremony eight years ago.
Ogbuku described the refinery as an inspiration and a potential catalyst for investment, job creation and economic growth in Bayelsa State, and urged residents, particularly youths, to key into the opportunities it would create.
He also praised the Bayelsa State Government for improving road infrastructure leading to the refinery site and called for continued support for the project.
Governor Douye Diri, who was represented at the inspection by his deputy, Peter Akpe, has consistently backed the project, which is expected to employ hundreds of workers and drive industrialisation in the state.
Other dignitaries at the event included the Chairman of the Bayelsa State Council of Traditional Rulers, King Bubaraye Dakolo; Vice President of Azikel Group, Presley Asemota; and Isaac Yalah, among others.
A market check on Tuesday showed that NNPCL outlets in Abuja and nearby areas adjusted their petrol price from N1,155 per litre to N1,270 per litre.
The latest adjustment represents an increase of N115 per litre by the state-owned oil company.
The new price change follows recent increases by depot owners and petroleum marketers, who have adjusted their rates twice within a week.
The latest development also comes days after Dangote Refinery resumed the sale of refined petroleum products in dollars, a move that has raised concerns among industry players over the direction of fuel pricing in the country.
The Federal Government has disclosed that 13 of the 50 oil and gas blocks offered in the 2025 Licensing Round will be returned to the licensing basket after failing to attract bids from prospective investors.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed this on Tuesday at the 2025 Commercial Bid Conference in Abuja.
Eyesan said that although 50 blocks were initially put up for bidding, prospective investors showed interest in only 37.
“At the end of the exercise, we had 50 blocks on offer, but we only had representation for 37 of those 50 blocks. Thirteen of those blocks will be returning back to the basket,” she said.
She further disclosed that 143 companies participated in the commercial bid process, submitting about 200 bids for the available oil and gas assets.
“We have a total of 143 companies showing interest for 200 bids. That, for us, was remarkable, and I must say thank you,” Eyesan stated.
According to her, nearly 300 companies initially expressed interest in the licensing round, which she described as a sign of renewed investor confidence in Nigeria’s upstream petroleum sector.
“When we started the journey, we got interest from almost 300 companies. I repeat, almost 300 companies. That, in my view, was an indication that the tide has turned for Nigeria,” she said.
She explained that the number of interested companies was reduced to 196 following the prequalification stage, before the process moved to the technical and commercial evaluation phases.
“From the almost 300 interests that we got, we moved to the pre-qualification stage, and that number was pruned down to 196,” she added.
The 2025 Licensing Round was launched on November 11, 2025, in accordance with the Petroleum Industry Act 2021, with 50 oil and gas blocks put up for bidding across seven sedimentary basins.
The assets comprise 16 Niger Delta onshore blocks, 18 shallow-water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.
The bid portal opened on December 1, 2025, while a pre-bid conference was held in Lagos on January 14, 2026, to provide prospective investors with guidance on the bidding requirements.
Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.
The NUPRC said winning bids are being determined through a weighted evaluation that considers signature bonus commitments, proposed work programmes and performance security. The process combines technical and commercial scores rather than relying solely on financial offers.
The framework is aimed at ensuring that Nigeria’s petroleum assets are awarded to investors with the financial capacity, technical expertise and operational strength required to accelerate exploration and production in the country’s upstream sector.
The new pricing template, which took effect on July 13, 2026, also pegs Automotive Gas Oil (diesel) at $1.087 per litre and Aviation Turbine Kerosene (ATK) at $0.942 per litre, while coastal deliveries of PMS have been fixed at $1,044.62 per metric tonne.
The development marks the end of naira payments for refined petroleum products, a policy introduced after the commencement of the Federal Government’s naira-for-crude initiative on October 1, 2024.
In a notice issued to petroleum marketers and customers, the refinery announced that all previously issued naira-denominated Proforma Invoices and Deal Recaps for both gantry and coastal transactions had become invalid.
The notice, signed by the refinery’s Group Commercial Operations, directed customers not to make payments against the cancelled invoices, stating that all transactions would now be conducted in United States dollars.
Under the revised pricing schedule, petrol supplied through the gantry will sell for $0.779 per litre, diesel for $1.087 per litre, aviation fuel for $0.942 per litre, while coastal PMS supplies will cost $1,044.62 per metric tonne.
The refinery, however, clarified that the transition does not affect Liquefied Petroleum Gas (LPG), which will continue under its existing payment arrangement.
Industry sources said the decision followed a growing imbalance between the currency used to procure crude oil and that used to sell refined products.
According to the sources, the refinery now receives a larger share of its crude oil from the Nigerian National Petroleum Company Limited (NNPCL) under dollar-denominated supply arrangements, while a significant volume of its refined products had continued to be sold locally in naira.
The resulting mismatch, coupled with exchange-rate volatility and fluctuations in global crude oil prices, reportedly increased the refinery’s foreign exchange exposure and prompted the adoption of a uniform dollar-based pricing framework.
A source familiar with the development explained that the shift became necessary as the volume of naira-denominated crude supplies declined relative to dollar-based crude cargoes.
“The refinery is receiving fewer naira-denominated crude cargoes while a larger proportion of its refined products has continued to be sold in naira. That imbalance, combined with foreign exchange volatility, made the transition to dollar pricing inevitable,” the source said.
The decision is expected to have significant implications for petroleum marketers who source products directly from the refinery for nationwide distribution. It could also influence retail pump prices, depending on movements in the exchange rate, international crude oil prices, logistics costs and marketers’ operating expenses.
The Federal Government had introduced the naira-for-crude policy to encourage domestic refining, reduce pressure on foreign exchange demand and stabilise fuel prices. However, industry stakeholders have recently reported implementation challenges, noting that a growing proportion of crude supplies to local refiners has reverted to dollar-based transactions.
Analysts believe the latest development underscores the continued foreign exchange challenges facing Nigeria’s downstream petroleum sector despite efforts to deepen local refining and reduce dependence on imported fuel.
-
Business3 days agoNo Bad Blood Over New Cement Factories, But Our Mining Rights Run Till 2045 — Ibeto Tells Ebonyi Govt
-
News3 days ago
Nigeria at 66: Macmaduson Concepts Limited Sends Independence Day Greetings to Clients
-
Sports3 days agoEnugu Speaker’s boxing talent hunt unearths 5 budding stars
-
Crime4 days agoFive Arrested By Police For Wearing ‘Tinubu Must Go’ T-Shirts
-
Politics4 days agoEBONYI 2027: The People, Not Individuals Will Decide Who Becomes Governor – Igwe
-
News3 days ago66th Independence: Elder statesman wants policies to reduce hardship, calls for peace
-
Politics3 days agoEbonyi Guber: ‘Our People Deserve Better Government,’ Odii Insists
-
News3 days agoNigeria @66: Democracy Evolving, Says Anambra APC Chairman Anosike