News
Naira scarcity: Long queues persist, as banks ration old notes
Bankers told Sunday PUNCH that the naira supply situation was expected to gradually improve in the days ahead as the apex bank had matched its word with action by supplying the lenders with significant volume of the previously withdrawn old naira notes.
A manager in a Tier-1 bank in Lagos told one of our correspondents on Saturday that the naira supply situation had improved tremendously compared to a month ago as the CBN had made available old N1,000, N500 and N200 notes.
He said, “The information from our head office is that the CBN gave our bank N5bn in old notes earlier this week and this has been disbursed to the branches. I can confirm to you that we have started paying each customer N20,000 over the counter and people can also withdraw the same amount from our Automated Teller Machines unlike the situation in the past when they were restricted to N10,000 on the few occasions when we had cash.
“We expect to be able to pay customers more next (this) week as we anticipate increased supply by the CBN. We have removed the N100,000 weekly withdrawal limit or N20,000 daily imposed by the apex in the wake of the naira redesign and implementation of the cashless policy and reverted to the old limits of N500,000 for individual account holders and N5m for corporate bodies.
“I am personally relieved that the CBN has now decided to obey the Supreme Court judgment and make the old notes available. The past two months were extremely difficult for us bankers as we felt the pain that our customers felt, suffered bodily harm and our facilities were attacked by frustrated customers, who could not get their money out. We are currently battling to clear the backlog of failed transactions using alternative payment channels. I think the problem arose because of the lack of capacity to handle the huge volume of such transactions.”
One of our correspondents, who visited Access Bank in the Ibafo area of Ogun State around 1.42pm on Saturday, observed a large number of customers waiting for the bank to allow them access into the banking hall and ATM gallery.
The main gate was under lock and key, while some customers were leaning on the gate.
A customer, Titilope Oyediran, said she had been at the bank since 6am with the hope of withdrawing money because she heard on radio that the banks would be working.
Oyediran said, “I have been here since 6am and the bank has yet to open. The security man just told us that money had just arrived and they would answer us but since he said that over an hour ago, nothing has happened.
“If not because I heard on radio that the banks will be open today I wouldn’t have come; but now, I will wait till they answer me.”
An official of the bank, who spoke on condition of anonymity, told Sunday PUNCH that customers would be attended to but was not sure of the time.
“They just brought in cash and they are preparing to attend to customers. I don’t know when customers will be attended to; when we are ready, we will open the gate,” he said.
At the UBA also in Ibafo, customers were attended to in the early hours of the day but were limited to a maximum of N5,000.
This was later stopped and the customers were directed to the ATM gallery, where a long queue had been formed.
A customer, who identified himself simply as Bayonle said, “What is happening is that they first paid N5,000 to us inside the bank, but they later stopped and told us to go to the ATM gallery. I collected N5,000 over the counter, but it’s not enough. I want to use the ATM, that’s why I am waiting here.”
Banking halls across various commercial banks in the Federal Capital Territory were opened on Saturday to customers in accordance with the CBN directive although some banks refused to open for business.
The apex bank had on Friday directed commercial banks to open for operation on Saturday and Sunday as part of a coordinated effort to ease the circulation of banknotes of various denominations.
The CBN also confirmed the evacuation of banknotes from its vaults to commercial banks across the country.
Checks on Saturday by our correspondents revealed that while most banking halls were opened to customers, a few others were not opened for business.
However, large crowds of customers seeking to make withdrawals formed outside some of the ATM galleries of the banks.
At the Stanbic IBTC Bank in Garki Area 11, few customers were seen making withdrawals and other enquiries.
The bank’s ATMs were dispensing a maximum of N10,000 per customer or debit card, with most of the notes comprising the old N200, N500 and N1000. However, this caused a lot of frustration among customers who were hoping to withdraw larger sums.
Similarly, at the First City Monument Bank in Area 1, only a handful of customers were seen at the ATM gallery and in the banking halls.
Our correspondents also visited Guaranty Trust Bank, Zenith Bank, Stanbic IBTC and United Bank of Africa located along the Airport Road and Kuje Road.
At GTB, customers were allowed entry by 9am and cashiers paid N30,000 in old N1,000 per customers over the counter and N40,000 from ATMs.
The UBA branch in the Federal Housing, Lugbe, was opened to customers and dispensed cash over the counter; however, a large crowd had built up.
It was also observed that ATMs belonging to Wema Bank and UBA dispensed cash to customers.
Banks in satellite towns of the FCT also opened for business on Saturday.
The News Agency of Nigeria reports that huge crowds of customers were seen at banks’ ATM galleries in the satellite communities, while customers were also seen standing in queues at the gates in order to be allowed access into the banking halls.
Banks that opened for business along the Nyanya-Mararaba Road included FCMB, UBA, Zenith Bank, First Bank, Fidelity Bank, Ecobank and Access Bank, among others.
A customer at Access Bank, Mrs Ngozi Ugoh, said although she did not know about the CBN directive, she came to get cash from the ATM and saw a large crowd trying to enter the banking hall.
”I didn’t know about the directive of opening at weekends, but I was just passing by and saw people so I entered to see if I can get some cash,” she said.
Another customer at Zenith Bank, Mr Andy Jerry, described the development as a welcome one.
He said the banks were complying with the CBN directive to work during the weekend in order for the Nigeria Labour Congress to shelve its planned strike on Wednesday.
“I think the CBN compelled banks to work at weekends so that the protest by the NLC will not hold. I like this because it will give more time for people to access cash,” he said.
The Ebonyi State Government has intensified its enforcement against unsafe and dilapidated buildings across Abakaliki, the state capital, as part of efforts to prevent building collapses and protect lives and property.
The enforcement exercise was led by the Commissioner for Capital City Development and Urban Planning, Richard Ugo Idike, alongside the ministry’s Permanent Secretary, Mrs Martina Obya; Head of Town Planning, Mrs Esther Nwite; and members of the state task force.
The inspection followed an earlier exercise conducted on July 7, during which owners and occupants of distressed buildings were served notices to vacate or demolish structures considered unsafe.
During the latest operation, officials inspected a one-storey building in Abakaliki identified as posing a significant safety risk.
Idike said the initial 21-day eviction notice issued to the occupants had expired, adding that, following an agreement with the property owner, demolition of the building would commence within the week.
The task force also served a fresh 21-day eviction and removal notice on the owner of a deteriorating building on Liberty Street after determining that the structure was in critical condition.
Officials expressed concern that despite visible structural defects in some of the affected buildings, several families, including children, were still living in the premises.
Idike condemned the development and reiterated the state government’s commitment to preventing avoidable disasters arising from structural neglect.
He urged property owners to conduct regular structural integrity assessments on their buildings and strictly comply with the state’s town planning regulations.
A female TikTok content creator at the centre of controversy surrounding the annual Oloolu Masquerade Festival in Ibadan, Oyo State, has denied filming the sacred Oloolu masquerade and dismissed reports that she died following the incident.
The woman, identified as Wasilat, made the clarification during a telephone interview on Lagelu FM’s Ibi Aye N Lo programme, hosted by Adesoye Omotosho, on Monday.
Wasilat said she only recorded and uploaded a video of people passing through the Oremeji area, insisting that the Oloolu masquerade was not involved.
“I am not dead. I did not capture the Oloolu masquerade. May I not be implicated; I did not record Oloolu,” she said.
According to her, she went to her shop after seeing people passing by the area and noticed an Amotekun vehicle.
“Oloolu did not even pass through that route. So I filmed it and posted it on social media. Everyone in the TikTok comment section asked me to delete it,” she explained.
She said people later came to her shop over the video, adding that she did not understand why she had been accused of recording the sacred masquerade.
“I don’t know who came up with that agenda, but I know God will judge,” she said.
The controversy began after videos surfaced online showing Wasilat undergoing traditional cleansing rites at the Oloolu compound. Social media reports had claimed that she narrowly escaped death after allegedly filming the masquerade.
However, the spokesperson to the Olubadan of Ibadanland, Chief Adeola Oloko, said Wasilat did not actually record Oloolu but mistakenly captured Alawo Oloolu, a figure associated with the tradition.
“She did not capture Oloolu; she mistook it for Alawo. We contacted the Mogaji of the Oloolu compound, and he confirmed that a woman who mistook Alawo of Oloolu for the real Oloolu masquerade captured it on the street,” Oloko said.
Oloko further claimed that the woman later developed health problems after uploading the footage, prompting her family to seek the intervention of traditional custodians.
He also said he could not confirm reports that Wasilat disguised herself as a man to secretly film the procession.
“I cannot confirm she disguised herself as a man. Those are accounts on social media. But she took the footage or photo on the street,” he added.
Videos from the reported cleansing ceremony showed Wasilat with her head shaved, dressed in red attire and surrounded by traditional worshippers. Giant African snails and a ram were reportedly presented during the rites, while another video appeared to show a goat being slaughtered.
Ibadan-based content creator Ayo Adams, who visited the Oloolu compound, also reported that officials confirmed Wasilat was alive and recovering.
Adams said the woman had reportedly approached security operatives after experiencing health problems and was subsequently taken with her family to the Oloolu compound for traditional rites.
However, the Oyo State Police Command said it had no official record of the incident.
The command’s spokesperson, CSP Ayanlade Olayinka, said, “I have no information about the incident because it was not reported at any nearby police station.”
The annual Oloolu Festival is a major traditional event in Ibadan, attracting traditional rulers, worshippers, cultural enthusiasts and visitors from across Yorubaland.
The festival features prayers, rituals, sacrifices, drumming, dancing and processions as part of traditional practices associated with honouring ancestors and seeking peace, protection, prosperity and communal wellbeing.
News
‘From Crude to Cash’: Ex-Abia Speaker Orji Says Tinubu’s Fiscal Reforms Are Redefining Nigeria’s Revenue Base
Former Speaker of the Abia State House of Assembly and APC House of Representatives candidate for Ikwuano/Umuahia, Rt. Hon. Chinedum Enyinnaya Orji, has said President Bola Ahmed Tinubu’s fiscal reforms are deliberately moving Nigeria away from oil dependence toward a tax-driven revenue economy.
In an opinion article titled “From Crude to Cash: How Tinubu’s Fiscal Reset Is Redefining Nigeria’s Revenue Economy”, Orji argued that the administration inherited a budget structure tied to crude oil prices and has begun rebuilding public finance through subsidy removal, digital tax collection and an expanded non-oil base.
> “Rather than wait for another oil boom to bail out the treasury, his administration chose to rebuild the plumbing of public finance: tax administration, digital collection, and a non-oil base wide enough to stand on even when barrels wobble,” Orji wrote.
He described the removal of petrol subsidy in May 2023 as the first step of the reset, stating that it increased Federation revenue from ₦16.8 trillion in 2023 to ₦31.9 trillion in 2024, according to data cited in the article.
Orji said allocations to states and local governments also rose sharply, from ₦6.16 trillion in 2023 to ₦15.26 trillion in 2024, giving subnationals more capacity to fund roads, schools and hospitals.
The former Speaker said government complemented the subsidy savings with reforms to modernise tax administration through digital systems, data matching and compliance drives.
He noted that the reforms now target telecommunications, financial services, manufacturing, trade and the digital economy, including fintech companies, e-commerce platforms and content creators.
> “No economy grows sustainably when only oil companies and big banks pay taxes while millions of profitable businesses stay off the books,” he stated.
Orji cited improvements in fiscal indicators, including a narrowing deficit, stronger external reserves, and clearance of a $7 billion foreign exchange backlog, which he said reflected growing investor confidence.
He, however, acknowledged the immediate burden on households from higher transport, food and energy costs.
> “The social contract of these reforms is still being negotiated. Households felt the pain first — higher transport, higher food, higher power bills. The promise is that the gains will be recycled into infrastructure, education, and health,” Orji wrote.
He said the success of the fiscal reset will depend on implementation and public trust, stressing that citizens must see tangible improvements in services.
> “Nigeria is still an oil country. But for the first time in a long time, it is budgeting like it might not always be,” he concluded.
The Ebonyi State chapter of the Peoples Democratic Party (PDP) has urged Governor Francis Nwifuru to heed President Bola Ahmed Tinubu’s recent warning to state governors against embarking on unnecessary flyover projects.
The party also called on the Ebonyi State Government to disclose details of the governor’s recent nine-day investment trip to China, including the cost of the trip, members of the delegation and outcomes of the engagements.
In a statement issued on Monday in Abakaliki and signed by the PDP Publicity Secretary and spokesperson, Prince Darlington Peter Onwe, the party said the President’s comments had reinforced its concerns over what it described as misplaced priorities in the state.
Tinubu, while meeting traditional rulers from Oyo State, had advised governors to focus on infrastructure that directly addresses the needs of their people rather than constructing flyovers in areas where traffic does not warrant them.
Reacting to the remarks, the PDP alleged that the Nwifuru administration had committed significant public funds to projects including the VANCO Junction tunnel and flyover and the Nwezenyi tunnel and flyover, despite what it described as pressing infrastructure challenges across the state.
The party cited poor road networks, inadequate healthcare facilities, limited access to potable water and deteriorating educational infrastructure among the challenges it said residents were still facing.
The PDP also questioned the state government’s spending priorities in light of increased allocations to states following the removal of the fuel subsidy.
It asked why, despite the reported increase in federal allocations, the Ebonyi Government had allegedly not delivered broader development projects across key sectors.
The opposition party further questioned whether adequate consultations were conducted with residents before the flyover projects were initiated and whether the projects represented the most urgent needs of the people.
On the governor’s China trip, the PDP demanded that the state government publish the names of all officials who participated in the delegation, the total cost of the visit, the investment engagements held and details of any agreements reached with prospective foreign investors.
It also requested information on the implementation timelines of any agreements and any financial obligations arising from commitments made on behalf of the state.
According to the party, taxpayers have a right to know how public funds are being spent and should be provided with documentary evidence of the outcomes of government-sponsored foreign trips.
The PDP further called on the state government to disclose the financial details of the ongoing tunnel and flyover projects and publish a comprehensive development roadmap outlining how its policies and projects would address the needs of Ebonyi residents.
The party said that with the 2027 elections approaching, rural communities would ultimately judge the administration by completed projects and the quality of public services delivered, particularly in road infrastructure and other basic amenities.
The Ebonyi State Government had not publicly responded to the PDP’s latest allegations as of the time of filing this report.
The administration has previously maintained that its infrastructure projects are intended to stimulate economic growth, improve transportation and modernise Abakaliki, the state capital.
The Managing Director of MainPower Electricity Distribution Limited (MEDL), Dr Ernest Mupwaya, has reiterated the company’s commitment to its employees as its most valuable asset.
MainPower, which is a subsidiary company of Enugu Electricity Distribution Company (EEDC), is in-charge of electricity distribution in Enugu State.
Mupwaya stated this when he received the team from the Chartered Institute of Personnel Management of Nigeria (CIPM) on a courtesy visit to the company’s head office at Power House, Enugu, on Monday.
He stressed the importance of investing in human capital (employees) to achieve strategic goals in the highly regulated electricity distribution sector.
Mupwaya highlighted the critical role of professional human resource management in building resilient and high-performing organisations, noting that people remained the most valuable asset of any institution.
The MainPower boss identified effective leadership, workforce quality, organisational culture and talent development as key drivers of success in today’s dynamic business environment.
He also reaffirmed MainPower’s commitment to professionalism, integrity, innovation and customer focus as a young and evolving electricity distribution company.
According to him, having competent, motivated, and adaptable employees, supported by effective human resource leadership and professional institutions such as CIPM, is critical to driving organisational transformation and contributing to national development.
Mupwaya, on behalf of the management of MainPower, commended CIPM for its longstanding contributions to promoting excellence and ethical standards in human resource management across Nigeria.
He expressed the company’s interest in strengthening its collaboration with the Institute in areas including leadership development, workforce capacity building, succession planning and employee engagement.
Earlier, Chairman, CIPM, Enugu State Branch, Mr Francis Uka, who was accompanied by a member of CIPM’s Governing Council, Mr Christian Onwumeremadu, said the visit was part of the branch’s efforts to strengthen institutional relationships.
Uka said that visit was meant to promote professional interaction, and deepen the exchange of knowledge and experience in people management and contemporary workplace practices.
During the visit, the delegation also had the opportunity to interact with some MainPower employees, particularly those in administration and operations-related roroles.
The CIPM team also shared insights on the importance of professional human resource management and encouraged eligible employees to join the Institute and take advantage of its professional development opportunities.
Present at the event were MainPower’s Head of Human Resources, Nkiru Chukwuma; Head of Health, Safety and Environment, Dr. Francis Iwu and Head of Customer Service, Ijeoma Ogudebe.
Others are Head of Communications, Mr Emeka Ezeh; Managing Director, EastLand Electricity Distribution Limited, Engr. Nnamdi Chuka-Nwosu; and Chief Technical Officer, Engr. Obinna Nwachukwu among others.
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