News
Sale of New naira booms in Lagos, Abuja, Anambra
A currency seller, Abdul Mohammed, operating under Dei-Dei pedestrian bridge in the Federal Capital Territory, said the inability of banks to distribute the new notes has increased the demand for them.
“We normally sell N10,000 for N13,000 and N20, 000 for N26,000. I will provide all the denominations you want. I have N200, N500 and N1,000 new naira notes,’’ he offered.
When asked if he could supply N600,000 new notes, he promised to notify our correspondent when the notes were available for collection.
He said, “The new notes are very scarce and that is why we charge more. Getting the new notes is very tough and expensive for us. The issue of changing the notes has caused a lot of problems. There is high demand for it. I get the notes at very expensive rates too.
“It is also not available at banks because people are rushing to buy it there; we are not enjoying the business at this time.
“We sell a bundle of 200 notes for N300,000; N500 is even cheaper than that. Some get it from the bank but it gets exhausted quickly.”
A currency exchange operator, who chose to remain anonymous, explained that the currency exchangers maintain a relationship with bank staff, adding, however, that they do not pay for the currencies, except by way of incentives or when there is an increase in demand.
“Currency exchangers basically form relationships with bank staff. If I need an amount, all I do is put a call through to my contact in the bank, ask for the availability of what I need, find out the buy rate, and buffer it by N5-N10 to resell.
“Most times, we don’t offer the bank staff anything. We just give incentives once in a while. Except there is high demand and limited supply, that’s when they can demand something. N50,000 mint (new notes), for example, could resell for about N53,000 or N60, 000, at most,’’ he explained.
Anambra
Banks in Onitsha, Nnewi, Obosi, Nkpor, Ekwulobia and some parts of Awka in Anambra State did not open as a result of the Monday sit-at-home.
One of our correspondents, who went round the cities, noticed that most of the ATMs were switched off while the few ones that were working were still dispensing the old notes even as they were besieged by a huge crowd of customers.
In the early hours of Monday, two persons who had a public address system, went around some streets of Onitsha and Nkpor, asking the residents to come out and buy the new notes.
The unidentified individuals were said to have insisted on collecting N3,000 on every N10,000 withdrawal of the new notes.
Lagos
Our correspondents who visited some parts of Lagos and Ogun states, including Ikeja, Egbeda, Ikotun, Idimu and Magboro, observed that the racketeers had taken over the naira swap initiative in alleged deals between them and some bankers.
The currency racketeering was on full display at Access Bank located on Ikorodu Road in Lagos on Monday.
A resident, who chose to speak on condition of anonymity, said, “I went to the Access Bank to withdraw some money. Out of all the nine Automated Teller Machines on the bank premises, only one was dispensing the new notes with a N20,000 withdrawal limit.”
“However, due to the long queue of customers on the bank premises, a woman whom some people had accused of using different ATM cards to empty a nearby Zenith Bank machine began to sell the new notes to those who could not withstand the long hour on the queue,” she narrated
According to her, the lady charged N1,000 per N10,000 and N5,000 per N100,000 for the new notes.
Similarly, during visits to some PoS operators in Ogun and Lagos, some residents narrated how they bought the new notes from bankers and black market operators.
A PoS operator at Berger bus stop said they could not get the new notes from banks due to the scarcity.
She further alleged that some bankers and black market operators were selling the new notes at outrageous rates, making it difficult for them to maintain the previous charging rates.
She said, “We cannot continue to charge our customers the previous rate. Some bankers sell the new notes to us. At times, we get them from the black market. On every N100, 000 new notes we collect, there is a charge of N5,000. Some currency operators charge as high as N10, 000 for N80, 000.”
She warned that they might no longer engage in a transaction that is less than N5,000.
At a PoS shop at Berger, our correspondent observed the fee had increased astronomically.
Also, one Iya Ire, who operates a PoS terminal at the Egbeda area of Lagos State, said, “Here, they sell new notes; N5,000 comes with an extra charge of N500 and above, depending on how you negotiate. Then for N10, 000 new notes, it comes with an extra charge of from N1,000 and upwards”
One of the black market operators in Ikeja who does not want her name on print said, she charges as much as N500 for N5000 cash withdrawal.
She said, “I had to pay the cashier at the bank to get the new notes and that’s even because I’m a regular customer at that branch. Even at that, I still spend hours in the banking halls.
Narrating his ordeal, a PoS operator in the Magboro axis of Ogun State, Tunji Samuel, said, “Can you see how I am sweating? I had just returned from the bank. I was unable to get the new notes at the bank.
Meanwhile, around Sterling Bank in the Magboro area of Ogun State, unlicensed currency operators were spotted selling the new notes.
One of the operators charged our correspondents N500 for a N5000 cash withdrawal.
Another currency hawker, who chose to speak on condition of anonymity, said, “I am helping a staff member of the bank to sell new notes and I get a commission after sale.”
At the Computer village, in Ikeja, Lagos State, it was observed that a number of shop owners were selling new notes to customers.
One of the shop owners said, “I have been gathering the new notes for two weeks now. I was lucky to get some at a party I attended on Saturday. However, I had to pay some fees to buy additional new notes. I’m glad I am making some profit from this.”
Also, Point of Sale operators in the Ikeja area of Lagos State were charging as much as N500 for every N5000 cash withdrawn.
Abuja operators
In Abuja, one of our correspondents paid N1,000 as fee to withdraw N10,000 new notes from a PoS agent.
However, scores of bank customers were subjected to long queues at ATM stands in Maitama, Wuse II, Garki and other locations across the Federal Capital Territory.
“If You Have Evidence Against Stanley Mbam, Charge Him; Otherwise, Release Him” — Oganiru Izzi
A socio-cultural organisation of Izzi extraction, Oganiru Izzi, has challenged Ebonyi State Governor, Chief Francis Ogbonna Nwifuru, to either release the state’s sacked Commissioner for Works, Mr Stanley Mbam, or charge him before a competent court if the government has credible evidence of wrongdoing against him.
The group said the continued detention of the former commissioner without a formal charge raises concerns about due process, constitutional rights and the rule of law.
The leader of Oganiru Izzi, Mr Godwin Mbam, made the demand while speaking with correspondents of National Issue Newspapers at the Crack Department of the Ebonyi State Police Command in Abakaliki.
Mbam condemned what he described as the prolonged detention of Stanley Mbam without allowing a court to determine whether he had committed any offence.
He challenged the state government to produce evidence if it believes the former commissioner committed a criminal offence.
“If there is credible evidence against him, charge him to court and let the court decide. If there is no case against him, he should be released,” Mbam said.
He also appealed to the Ebonyi State Police Command to uphold the Constitution and resist any pressure that could result in unlawful detention.
Vanco Flyover: “We Will Reveal the Full Details”
Mbam also issued a three-day challenge to Governor Nwifuru, declaring that if the former commissioner was not released or charged to court, his organisation would make public what it described as the “full details” of the Vanco Flyover project.
According to him, the proposed disclosure would address issues surrounding the project, including its funding, payments, contractual arrangements and other financial details.
“We will let the world know the full details of the Vanco Flyover and how the funds were utilised,” he warned.
He further challenged the state government to demonstrate transparency by making relevant documents concerning the project available to the public.
“What About the Alleged ₦1.5 Billion Forfeiture?”
The Izzi group also questioned what it described as the selective application of the state government’s anti-corruption campaign.
Mbam referred to allegations involving an account reportedly frozen by the Economic and Financial Crimes Commission (EFCC) and an alleged ₦1.5 billion forfeiture to the Federal Government.
He questioned why, according to him, the governor had allegedly not taken similar action if the facts surrounding the matter warranted it.
Mbam stressed that he was not opposed to the fight against corruption but insisted that any anti-corruption campaign must be comprehensive, transparent and applied equally.
“If Governor Nwifuru wants to fight corruption, let him fight it holistically. Nobody should be targeted while other serious allegations are ignored,” he said.
“If Nwifuru Says He Knows Nothing, We Will Produce the Facts”
Mbam further challenged Governor Nwifuru to publicly state whether he was aware of alleged corruption issues within the Ministry of Works.
“If Nwifuru publicly claims that he is unaware of corruption in the Works Ministry, I will make public the facts available to me. The facts will shock the state,” he declared.
He insisted that the matter should not degenerate into a political vendetta, arguing that the appropriate place to determine criminal liability is a court of law.
According to him, the people of Ebonyi State deserve clear answers concerning the Vanco Flyover and other issues involving public funds.
“Everybody Should Be Subject to the Law”
The Oganiru Izzi leader maintained that the controversy should be resolved through transparency, documentary evidence and due process.
“If there is a case, charge him. If there is no case, release him. The government cannot claim to be fighting corruption while abandoning the principles of justice and the rule of law,” he said.
Mbam warned that failure to address the issues could compel the organisation to make further disclosures concerning the Vanco Flyover and other matters it considers to be in the public interest.
By Our Correspondent
As Nigeria celebrates its 66th Independence Anniversary, the candidate for the House of Representatives seat representing the Ezza South/Ikwo Federal Constituency, Hon. Chief Kevin Tobias Chukwu, has called on Nigerians to remain hopeful and committed to building a better country.
Chukwu, also known as Ochiri Ozua 1 of Amagu Ikwo, made the call in an Independence Day message to Nigerians, particularly the people of Ezza South/Ikwo Federal Constituency and Ebonyi State.
He described the anniversary as not only a moment for celebration but also an opportunity to reflect on the state of the nation and the responsibilities of leaders in building a Nigeria that meets the aspirations of its citizens.
According to him, Nigeria’s journey since independence has been marked by significant challenges, with millions of citizens currently facing economic hardship, while young people continue to search for opportunities and many communities contend with insecurity and uncertainty.
Despite these challenges, the Ebonyi politician said the resilience of Nigerians remained a source of hope for the country’s future.
“I believe in the resilience of our people. I believe in the ingenuity of our youths, the strength of our women, the wisdom of our elders and the determination of ordinary Nigerians who wake up every morning and refuse to give up on this country,” he said.
Chukwu, however, stressed that hope must be matched by responsible leadership, arguing that public office should be viewed as a responsibility rather than a privilege.
He called for leadership that prioritises the protection of lives, creation of economic opportunities, provision of infrastructure, strengthening of institutions and responsible management of national resources.
The candidate also emphasised the need to create an environment where young Nigerians can pursue successful lives within the country and where hard work, merit and enterprise are rewarded.
He said Nigeria had “come too far to surrender to hopelessness,” urging citizens and leaders alike to remain committed to the country’s progress.
“A better Nigeria is still possible, but it will require responsible leadership, accountable institutions and citizens who refuse to give up on their country,” he said.
Chukwu concluded by expressing optimism about Nigeria’s future, declaring: “Nigeria will rise. Nigeria must rise. And together, we must build the Nigeria we deserve.”
He also paid tribute to the nation’s past heroes, praying that their sacrifices would continue to inspire the country.
“May the labour of our heroes past never be in vain,” he said, as he wished Nigerians a happy 66th Independence Anniversary.
By Okey Maduforo, Awka
As Nigeria celebrates its 66th anniversary of independence from colonial rule, democracy in the country has continued to evolve and deepen, the Anambra State Chairman of the All Progressives Congress (APC), Senator Emma Anosike, has said.
Anosike made the observation in a message to mark Nigeria’s Independence anniversary, noting that despite the challenges the country had encountered since 1960, its democratic system had continued to improve under successive administrations.
According to him, since the return to democratic rule in 1999, Nigeria has witnessed relatively smooth transitions from one administration to another, while citizens have continued to exercise their fundamental rights to hold governments accountable for their performance.
“Before the return of the democratic process, it was indeed difficult and near taboo to challenge the leadership of the country, and those who may have attempted it in the past faced grave consequences.
“Similarly, we have had smooth transitions from one dispensation to another, producing five presidents through the ballot and not through the barrel of the gun. These elected presidents were produced by different political parties.”
Anosike said the administration of President Bola Ahmed Tinubu had sustained the country’s democratic principles and created an avenue for Nigerians, irrespective of tribe, race or religion, to express their views on government policies and programmes.
“Under the stewardship of President Bola Ahmed Tinubu, Nigerians have been enjoying the freedom to express themselves over issues, policies and programmes of government, and those expressions have been shaping and guiding the administration of Mr President,” he said.
The APC chairman said Nigeria’s 66th independence anniversary provided an opportunity for citizens to reflect on the country’s journey as a nation and the progress made since independence.
He said President Tinubu’s Independence Day broadcast had offered another opportunity for Nigerians to renew their hope for a greater and more prosperous country.
Anosike also commended what he described as the “enormous infrastructural development” taking place across the country under the Tinubu administration.
He urged Nigerians to continue to support and have faith in the administration as the country approaches the 2027 general elections.
An Elder Statesman, Chief Hycienth Ngwu, has called on political leaders and policies formulators to ensure governmental policies and programmes directly touch lives of the people and reduce hardship in the country.
Ngwu, who is a prominent community leader in Enugu, urged Nigerians to maintain peace within neighbourhoods and communities, as no meaningful development can take place without peace.
The statesman made the call on Thursday in Enugu while reacting to the developmental efforts of Nigeria at its 66th Independence.
He said that previous and present administrations had put in place policies and programmes to reset the socioeconomic fabric of the nation.
Ngwu said that while the removal of fuel subsidy, and unification of the foreign exchange had good intentions, their impact is yet to reflect on the lives and livelihoods of vast majority of Nigerians.
He urged leaders to ensure that public resources were properly managed while citizens remained patient with reforms aimed at improving the socioeconomic status of the country.
The elder statesman noted that at 66th independence, the country was still struggling on keeping its peace and co-existence as a country; adding that the founding leaders of Nigeria envisaged a closely united, bonded and peaceful country.
He called for return to policies that promote local production, indigenous industries and entrepreneurship, arguing that excessive dependence on imports had continued to weaken the country’s productive capacity.
According to him, we are yet to achieve economic independence even as we needed to do more on non oil revenue earns as the greater part of the world is moving towards greener and clean energy.
“Greater emphasis should be on skills acquisition, creativity and entrepreneurship education system, as academic qualifications without practical skills could leave graduates dependent on scarce white collar jobs.
“We ought to be economically productive nation capable of producing and exporting goods while developing its human capital,” he said.
Ngwu noted that current insecurity and social instability could be partly attributed to poverty and ignorance, while calling for greater honesty and trust between leaders and citizens.
“Corruption, tribalism and selfishness must be addressed if Nigeria is to achieve peace and lasting progress,” he added.
He also called for the scrapping of state electoral commissions as they have not helped in deepening democracy at that level. The National Election body should take over that responsibility.
As Nigeria marks its 66th Independence Day, Macmaduson Concepts Limited, a leading provider of HVACR,industrial parts, sensors, electrical and plumbing materials, has extended warm Independence Day greetings to its customers, clients and business partners across the country.
In a goodwill message to mark the occasion, the company expressed appreciation to its valued customers for their continuous support, trust and partnership over the years.
Macmaduson Concepts Limited, which specialises in HVACR,Industrial Materials, sensors, air-conditioners, refrigerators, cold rooms, chillers, refrigerants, electrical materials and plumbing materials, said the occasion provides an opportunity to celebrate Nigeria and reflect on the nation’s journey.
The company wished Nigeria continued growth, unity, peace and prosperity, while expressing hope for a brighter future for all Nigerians.
The message from the company reads in part:
At Macmaduson Concepts Limited, we celebrate our great nation, Nigeria, and appreciate our valued clients for their continuous support, trust and partnership. May Nigeria continue to grow in unity, peace and prosperity.”
The company concluded its Independence Day message with the theme: “One Nation, One People, A Brighter Tomorrow.”
Happy Independence Day, Nigeria!
Happy 66th Independence Anniversary from Macmaduson Concepts Limited.
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