News
POS operators may return to villages as CBN slashes withdrawal limits
According to a memo issued by the CBN to banks on Tuesday, individuals will only be able to withdraw N100,000 per week (from over-the-counter, point-of-sale machines or automated teller machines), while organisations can access N500,000 per week.The memo signed by the CBN’s Director of Banking Supervision, Haruna Mustafa, directed banks to load only N200 and lower denominations into their ATMs. This means Nigerians will only be able to withdraw N20,000 per day from ATMs when the directive becomes effective.
The memo read, “The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5 per and 10 per, respectively.
“Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.
“The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day. Only denominations of N200 and below shall be loaded into the ATMs. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.”
However, there is an exemption that allows up to N5m for individuals and N10m for corporate organisations once a month with certain requirements.
The CBN warned banks that any bank that would aid and abet the circumvention of this policy will attract severe sanctions.
PoS operators kick
Following the new directive, the National President, Association of Mobile Money and Bank Agents of Nigeria, Victor Olojo, has said that point-of-sale operators would plan to protest as the policy was targeted at killing their source of livelihood.
While speaking in an exclusive interview, Olojo disclosed that the newly announced policy would have a negative impact on their business as it translated to the shutting down of PoS terminals.
He said, “This news is just breaking and a lot of PoS agents are already complaining bitterly. Some are calling for protests as this policy, which limits PoS transactions to N20,000, sends them out of business. Hence they have to return to their villages.”
Speaking on the impact of the new policy on individuals and the economy, the president said it would be really tough as Nigeria was still a cash-dominant society.
He said, “Nigerians should brace up, as this is a challenge that CBN is putting out to Nigerians to embrace technology. However, the difficulty would be felt as we still have a lot of transactions done with cash, especially those that are below the pyramid such as the market women and men who are petty traders, because this in essence means that once a bag of rice or flour is to be bought, which is above N20,000, it has to be via e-banking. Looking at it, how many of these people are technology-savvy?
“The CBN wants to achieve an agenda which is not exactly bad. However, a longer notice should have been given to those at the bottom of the pyramid. I believe that, eventually, the adoption would scale and people would have to get acquainted irrespective of the difficulty, embracing it in the long run.
“However, it is still very difficult because the technological infrastructure is still not there yet, and there are those who have had bad experiences with technology as well. The implication of this policy would slow down a lot and affect a lot of things, particularly those earning more than N20,000 daily.”
Olojo noted that his fears and concerns were that the policy was coming at a harsh period when the Nigerian economy was ill-prepared for it. He added that there should be an adequate alternative before any process would be scrapped.
Also, a PoS operator, simply identified as Christian Onyema said, “The new CBN policy will affect our business because pegging daily transaction limit to N20,000 is not helpful for us. For instance, a customer who wanted to transact business came to withdraw N500,000 today, I made my gains and he was able to do his own business. This will no longer be possible by January when the policy takes effect. The economy will suffer and insecurity will rise too because some operators will definitely go out of jobs.”
Another operator who gave his name only as ‘Small’ said, “This will really affect PoS business, a situation where customers can’t withdraw more than N20,000 daily means those who withdraw more than that normally will be limited.”
Transporters react
The Deputy Managing Director of ABC Transport, Jude Nneji, however, lauded the project.
He said, “At least, it will limit some of these crimes. If somebody knows he can’t get cash from you, he won’t bother to attack you. If you also consider the cost of printing this money, you’ll want to use electronic means.”
When asked if this would not affect his transport business, he said, “No doubt, it’s going to encourage people to hoard funds but for people like us whose customers pay through electronic means, we don’t have a problem. However, we hope that government has good intentions too.”
The Chief Executive Officer, Rivers Link, Mr Obinna, said, “This will affect our business, some of us are businessmen and there may be things you want to buy that will be more than N20,000, and some of us may prefer cash, so it will surely affect businesses.”
By Chinedu Sabastine
Mainpower Electricity Distribution Limited (MEDL) has announced a planned power outage in Nsukka and surrounding communities from November 5 to 10, 2026, to enable the Transmission Company of Nigeria (TCN) to carry out maintenance work on equipment at its Nsukka station.
The outage, scheduled to run daily from 9 a.m. to 5 p.m., will affect electricity supply to customers served by the University of Nigeria, Nsukka (UNN), SUMAS and Orba 33kV feeders.
The announcement comes amid a current reduction in electricity supply across Enugu State, which MEDL has attributed to a drop in energy generation and low system frequency, forcing TCN to implement load shedding.
In a public notice issued on Monday, MEDL’s Head of Communications, Emeka Ezeh, said the planned maintenance was necessary to improve electricity supply in the affected areas.
“The planned outage is to enable the TCN technical team to carry out maintenance work on some equipment at the station,” Ezeh said.
He added that the exercise was aimed at improving the reliability and quality of electricity supply to customers.
The communities expected to experience interruptions include Ukopi, Opi Agu, Eha-Alumona, Orba Town, Obollo-Afor, parts of Obollo-Eke, Enugu Ezike, Ibagwa, Nkalagu Obukpa, Okpaligbo, Iheaka, Edem Ani, Agbani, Uzo-Uwani, Obimo, Nkpologu, Lejja, Nguru, Aku and Ogbede.
Other affected locations are Odim Gate, Nkpor, UNN, Nru, Ede Oballa, El Tabera Estate, Ikenga Estate, Wilson Company, Umakashi, Isiakpu, G.R.A. and Ogige Main Market, alongside surrounding communities.
MEDL apologised to customers over the anticipated inconvenience and appealed for their patience and understanding during the maintenance period.
“The exercise is necessary to facilitate essential technical work aimed at improving the reliability and quality of electricity supply to customers,” the company said.
Why electricity supply has dropped
In a separate public notice issued on Monday, the company explained that the current reduction in electricity supply across Enugu State resulted from a decline in energy generation, which had affected the stability of the power system.
MEDL said the situation had resulted in low system frequency, prompting TCN to ration available electricity through load shedding.
“The current reduction in power supply availability is due to a drop in energy generation, which has resulted in low system frequency,” the company stated.
It added that the situation had necessitated TCN’s decision to implement load shedding of the available energy.
“Consequently, the energy allocation to MEDL has been affected, limiting its ability to meet the daily service-level commitments,” the statement said.
The company, however, assured customers that it was monitoring the situation and distributing the available electricity allocation across its network.
“MEDL wishes to assure its customers that it is closely monitoring the situation and will continue to distribute the available energy allocation fairly across its network,” Ezeh said.
The company expressed optimism that normal electricity supply would soon be restored, while regretting the inconvenience caused by the reduction in supply.
It also thanked customers for their patience, understanding and continued cooperation.
Enugu State Governor, Dr. Peter Mbah, has taken steps to address the rising cost of renting accommodation in the state by forwarding an executive bill to the State House of Assembly seeking to regulate agency and legal fees charged by property agents and lawyers.
The proposed legislation seeks to amend the Landlord and Tenant Law, Cap. 101, Revised Laws of Enugu State, 2004, with a view to protecting tenants from excessive charges while ensuring fairness and transparency in the property market.
Speaker of the Enugu State House of Assembly, Rt. Hon. Uche Ugwu, disclosed this in a statement posted on his Facebook page on Monday, October 26, 2026.
Ugwu explained that the executive bill would complement an earlier legislative proposal sponsored by the member representing Nkanu East State Constituency, Hon. Anthony Okey Mbah, which had already passed first and second readings and undergone a public hearing.
According to the Speaker, the proposed amendment would introduce measures to regulate estate agents, place limits on agency and legal fees, and establish clear procedures for the collection and refund of caution fees.
The legislation also seeks to check arbitrary rent increases and minimise disagreements between landlords and tenants over property damage through joint inventories and professional valuations where necessary.
Ugwu noted that the Assembly would harmonise the proposals to produce comprehensive legislation that addresses longstanding concerns in the state’s housing sector.
“When we are done with dotting the i’s and crossing the t’s, we shall have a document that shall make tenancy-related charges more transparent and predictable, control and limit agency and legal fees, establish a formal regulatory framework for agents,” he stated.
He added that the proposed law would provide a structured mechanism for handling caution fees and refunds while creating an enabling environment for investors in the housing sector.
The development comes amid growing concerns among residents over the financial burden associated with securing rented accommodation, particularly agency commissions, legal charges and other tenancy-related payments.
The Speaker maintained that the initiative was consistent with Governor Mbah’s broader development agenda of positioning Enugu as an attractive destination for investment, business, tourism and residential living.
“According to the Governor’s vision, indeed we can make Enugu the preferred destination for business, investment, tourism and living,” Ugwu added.
The proposed amendment, when passed into law, is expected to provide a clearer legal framework governing the relationship between landlords, tenants and property agents across the state.
By Okey Maduforo, Awka
The ongoing modernisation of the Onitsha Main Market in Anambra State is expected to be completed ahead of the Christmas festivities, with over 6,000 shops and modern facilities designed to boost commercial activities in the historic market.
The project, which commenced two months ago, has reached 90 per cent completion and is being executed on a 24,000-square-metre expanse of land, with an Independent Power Plant (IPP) designed to provide uninterrupted electricity to the market and its environs.
Other facilities include five additional boreholes to complement the existing one, a health centre, modern toilet facilities, a motor park, solar-powered streetlights, CCTV surveillance cameras and four access roads.
The market will also feature three major entrance gates, eight minor gates and a dedicated firefighting station to enhance security and emergency response.
Speaking during an inspection of the project, the Commissioner for Housing, Arc. Henry Arinze, said the initiative was designed to provide a conducive business environment for traders and their customers.
“The project is aimed at providing ease of doing business for both traders and their customers, and with over 6,000 shops in the market, we are good to go,” he said.
Arinze explained that the project forms part of Governor Charles Soludo’s urban regeneration programme, adding that the provision of an Independent Power Plant would enable traders to extend commercial activities from the current closing time of 5 p.m. to 10 p.m.
“We did not demolish the market shops. What we are carrying out is part of the urban regeneration programme of the state government. With the new facilities, the market will remain open until 10 p.m. as against the present 5 p.m. closing time,” he stated.
He further disclosed that construction activities were deliberately restricted to nighttime and Sundays to minimise disruptions to trading.
“We would have gone farther than this, but we work only at night and on Sundays so that traders can continue their businesses while construction is ongoing,” he explained.
Also speaking, the Special Adviser to Governor Soludo on Projects Monitoring, Prof. Ebuka Nwankwo, recalled that the market had not witnessed any major government-led modernisation since its post-civil-war reconstruction in 1971 under the administration of the then Sole Administrator of East Central State, the late Ukpabi Asika, with assistance from the Federal Government.
According to him, the market has experienced four major fire incidents since its reconstruction, with affected traders largely undertaking the rebuilding of their shops themselves.
“Since 1971, when the market was reconstructed after the war, there have been four fire incidents, with traders carrying out the reconstruction of their affected shops. The state government is not only desirous but deliberate about restoring the past glory of the market,” Nwankwo said.
The Head of Civil and Structural Engineering, Prof. Henry Aginam, commended the Anambra State Government for embarking on the project, describing it as a bold intervention in the redevelopment of the commercial hub.
He expressed satisfaction with the quality of construction materials and the calibre of professionals engaged in executing the project.
Similarly, the representative of the Council for the Regulation of Engineering in Nigeria (COREN), Engr. Prof. Akaolisa Ezeadi, gave the project a positive assessment, noting that the construction work complied with professional standards and engineering best practices.
Ezeadi said the regulatory body was satisfied with the quality of work so far and would continue its monitoring visits until the project was completed.
In his remarks, the Commissioner for Commerce and Industry, Mr. Nonso Ebonwu, described the market modernisation as a major step towards reviving the commercial fortunes of Onitsha and attracting increased patronage from within and outside Nigeria.
He disclosed that a similar redevelopment initiative was also being undertaken at the Nkwo Nnewi Auto Parts Market.
The Chairman of the Onitsha Main Market Traders Association, Chief Chijioke Okpalaugo, expressed satisfaction with the transformation of the market, noting that patronage had continued to increase despite the ongoing construction.
He reaffirmed the traders’ support for the Soludo administration and expressed optimism that the completed project would further strengthen Onitsha Main Market’s position as one of the leading commercial centres in West Africa.
ENUGU, October 25, 2026 — A new association, Online Media Professionals (OMP), has been established to unite online media practitioners, protect their interests and promote professionalism in Nigeria’s media industry.
The association, according to a communiqué issued in Enugu on Sunday, aims to provide a common platform for practitioners to collaborate, share ideas and address challenges affecting their work and welfare.
OMP said the growing influence of online publications in informing the public, shaping public discourse and holding public officeholders accountable had made it necessary for practitioners to organise under a recognised professional body.
The association will bring together individuals who own or work with online media platforms, providing opportunities for cooperation, professional development and engagement with relevant institutions and stakeholders.
It also plans to establish working relationships with government officials, security agencies, educational institutions, corporate organisations and other bodies whose activities affect the media industry and society.
According to the communiqué, OMP is beginning its activities in the South-East, with plans to expand into a national organisation representing online media professionals across Nigeria.
The association said its long-term objectives included building a credible professional body capable of giving practitioners a collective voice, promoting responsible journalism and providing a platform for addressing issues affecting members.
It added that the growth of online media must be accompanied by professionalism, accountability and respect for the responsibilities associated with informing the public.
OMP also pledged to encourage cooperation among practitioners and promote standards capable of strengthening public confidence in online publications.
The association noted that achieving its objectives would require the commitment of members, a clear sense of purpose and programmes designed to address their needs.
It therefore called on online media practitioners across the South-East and other parts of the country to identify with the initiative and contribute to building a strong professional association.
Membership, according to the communiqué, is open to professionals who own or work with online media publication platforms and are willing to support the association’s objectives.
The communiqué was signed by Jude Chinedu and Chukwumerije Aja on behalf of the Communiqué Drafting Committee of Online Media Professionals.
The emergence of OMP marks an effort to strengthen the professional identity of online media practitioners and create opportunities for collaboration and growth within Nigeria’s evolving media landscape.
The Federal Commissioner representing Kaduna State at the National Population Commission (NPC), Hon. Sa’adatu Garba Dogonbauchi, has presented letters of permanent and pensionable appointment to three youths drawn from different local government areas of the state.
The presentation, according to a statement issued by Dogonbauchi, is aimed at expanding employment opportunities for young people and supporting youth empowerment in line with the Federal Government’s development objectives.
The beneficiaries are Shamsuddeen Abdulaziz Bagi from Igabi Local Government Area, Abdulfatah Abdulwakil from Kaduna South Local Government Area, and Aisha Adamu from Birnin Gwari Local Government Area.
Speaking during the presentation, Dogonbauchi described the appointments as more than an administrative exercise, saying they provide beneficiaries with an opportunity to build sustainable careers in public service while improving their economic prospects and contributing to national development.
She said the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises employment generation, economic empowerment and improved living standards for Nigerians.
The NPC commissioner expressed appreciation to President Tinubu for the opportunity to serve and represent Kaduna State, pledging to continue supporting programmes that create opportunities for young people and strengthen public institutions.
She also acknowledged Kaduna State Governor Uba Sani, Speaker of the House of Representatives Abbas Tajudeen, and Hon. James Abiodun Faleke for their support, which she said contributed to her appointment and service.
Dogonbauchi urged the new employees to discharge their duties with discipline, integrity and professionalism, while adhering to public service rules and serving as worthy representatives of their communities.
She congratulated the beneficiaries and encouraged them to justify the confidence reposed in them through excellence, accountability and dedication to public service.
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