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CBN To Fine N150m On Banks Releasing New Notes To Hawkers

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  The Central Bank of Nigeria has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents. The apex bank disclosed this in a circular issued on Friday, December 13, 2024, signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi. The circular revealed that the CBN is concerned about the increasing prevalence of mint naira notes being traded by hawkers, a practice the bank described as impeding efficient and effective cash distribution to customers and the general public. The circular, which referred to an earlier directive dated November 13, 2024, highlighted the apex bank’s determination to address the commodification of the naira. Under the directive, any branch of a financial institution found culpable will face a penalty of N150m for the first violation. Subsequent infractions, the CBN warned, would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020. To ensure compliance, the apex bank stated that it would increase periodic spot checks in banking halls and ATMs while deploying mystery shoppers to uncover illicit cash hawking spots across the country. The circular read, “The CBN has noted with dismay the prevalence of illicit flow of mint banknotes to currency hawkers and other unscrupulous economic agents that commodify Naira banknotes, thus impeding efficient and effective cash distribution to banks’ customers and the general public. “CBN will continue to intensify the periodic spot checks to the banking halls/ATMs to review cash payouts to banks’ customers, as well as mystery shopping to all identified cash hawking spots across the country. “In this regard, any erring deposit money banks or financial institutions that are culpable of facilitating, aiding, or abetting, by direct actions or inactions, the illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents that commodify Naira banknotes shall be penalised at first instance N150,000,000.00 (One hundred and fifty million Naira) only, per erring branch, and at later instances, apply the full weight of relevant provisions of BOFIA 2020.” The CBN further urged DMBs to strengthen controls, processes, and procedures around their Cash Management Centres, branches, and teller operations to prevent their systems from being exploited for illegal transactions. The PUNCH earlier reported that the CBN issued a stern warning to Deposit Money Banks over cash hoarding and diversion, stating that such actions will attract stiff penalties. In a circular dated November 13, 2024, signed by the Acting Director of Currency Operations, Mohammed Olayemi, and released by the CBN, the apex bank announced intensified measures to ensure efficient and transparent cash disbursement. The CBN reminded banks of its ongoing mystery shopping exercises and spot checks aimed at discouraging the abuse of naira notes and ensuring responsible distribution of cash, especially as the festive season approaches. According to the circular, the initiatives are designed to prevent the flow of newly minted banknotes to hawkers and support efficient cash disbursement to the public. The central bank stated that any DMB traced to seize cash from unauthorised hawkers would face financial penalties. Such banks will be fined 10 per cent of the total value of cash withdrawn from the CBN on the day the offence was committed. Repeat offenders will incur an additional five per cent penalty for each subsequent breach. The CBN also warned against cash hoarding, diversion, and other practices that hinder cash flow, stressing that such actions violate the Clean Note Policy. It noted that defaulters would face appropriate sanctions, which may include additional fines or other regulatory actions.  

Yuletide: Borno Gov Approves December Salary Payment

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  The Borno State Governor, Babagana Zulum, has approved the payment of December salary to all civil servants on the state government’s payroll. In a statement released on Saturday by the governor’s Spokesperson, Dauda Illiya, the governor approved the payment on Friday, December 13, 2024. According to the statement, “Governor Zulum directed as usual that no affected Christians, Muslims and others should while away their time without feeling a sense of belonging during and after the yuletide, considering the multi-inclusivity and socio- cultural togetherness that exists between the peaceful people of Borno, especially at this period”. “The Governor’s directive for early disbursement this December aligns with his dedication to fostering inclusivity and enabling all residents to prepare for and celebrate the yuletide season without financial hindrance.” The statement, however, noted that the essence is to help Christians and other faithful prepare for a better yuletide on time. “His Excellency, Professor Babagana Zulum has done it again, as 2024 December credit alerts for salaries and pensions have started hitting accounts of beneficiaries to ensure Christians and other faithful prepare for a better yuletide on time”. It said The statement added that Zulum appealed to beneficiaries to continue praying for peace in Borno State and the nation at large while acknowledging the positive impact of President Bola Ahmed Tinubu’s Renewed Hope Agenda on the lives of Borno’s citizens and beyond. Punch  

Fubara Wins As Appeal Court Reverses Judgment Stopping Rivers Allocation

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  The Court of Appeal Abuja division, on Friday, reversed the judgment that restrained the Central Bank of Nigeria and the Accountant General of the Federation from releasing funds to the Rivers State Government. Recall that on October 30, Justice Joyce Abdulmalik of the Federal High Court in Abuja stopped the Central Bank of Nigeria from further releasing monthly financial allocations to the Rivers state government. She held that the presentation of the 2024 budget by the River State Governor, Siminalayi Fubara, before an illegitimate Rivers House of Assembly was an affront to the Constitutional provision. “Appropriation Bill for January to December 2024, being operated by the 5th defendant (Fubara), having not been charged by the lawful House of Assembly, is illegal, unlawful and subversion of the 1999 Constitution. “It is mandatory to present the appropriation bills before the appropriate Houses of Assembly before legitimate disbursement and withdrawal can be made,” she said. However, a three-member panel of the appellate court presided by Justice Hamman Barka held that the federal high court lacked the jurisdiction to entertain the suit seeking to seize Rivers State allocation. The court added that the mere listing of federal agencies does not confer unrestricted jurisdiction on the federal high court, and the subject matter, which is the appropriation issue of a state, should not have been entertained. While allowing the appeal of the Rivers state government, the appellate court also set aside all the orders made by Justice Abdulmalik, stating that it was unconstitutional for her to make orders restricting Rivers state government from receiving funds due to the state from its consolidated revenue fund. The appellate court held that the lower court overreached itself and didn’t have the jurisdiction to entertain the matter. Punch

N2.7tn Debt: Nigerians Face Blackout As Gas Producers Halt Supply To Gencos

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  Wholesale gas-producing companies have abruptly stopped the supply of natural gas to power generation companies for electricity production over the non-payment of debts accrued from previous supplies. The Chief Executive Officer of the Association of Power Generation Companies, Dr Joy Ogaji, disclosed the latest development in an exclusive interview with The PUNCH on Wednesday, stressing that the gas-producing companies have formally notified all GenCos of the suspension of natural gas supply. The gas supply was abruptly halted after the Nigerian Midstream and Downstream Petroleum Regulatory Authority reportedly instructed gas producers to suspend the delivery of natural gas to indebted GenCos until further notice, citing the escalating debts. The situation has led to a nationwide electricity blackout, severely impacting power generation across the country. Currently, over 70 per cent of Nigeria’s power is produced by gas-fired power plants. Earlier this year, Minister of Power, Adebayo Adelabu, disclosed that the Federal Government would start offsetting part of the debts it owes power generating companies and gas suppliers from April this year. The minister, while on a working visit to Egbin Power Plc in the Ikorodu area of Lagos State, said he would liaise with the Central Bank of Nigeria to prioritise foreign exchange allocation to the power sector, saying this would boost the ability to ramp up capacity in terms of generating output. “The Federal Government is now prioritising paying down on the outstanding debts, and I have assured the board and management that effective from April, we will start paying down on debts, as a form of incentive to continue to have them in operation,” he stated. While the government has in the past few months paid N205bn of the debt owed to the GenCos, an ongoing disagreement between the NMDPRA and gas producers on who should collect the 0.5 per cent wholesale price levy imposed on petroleum products by the Petroleum Industry Act made the suppliers demand the payment of monies owed. Speaking during the interview, APGC CEO Dr Ogaji stated that all relevant authorities, including the presidency, have been notified of the current situation and are awaiting the necessary interventions. She added that debt, which hovered around N2tn earlier this year, has increased to N2.7tn. She said, “It is no longer a matter of NMDPRA giving a directive. They have already stopped the supply of gas to power-generating companies. “They (gas suppliers) have halted the supply. They have already informed our gencos that they are not going to be supplying gas anymore until what is outstanding is settled and it didn’t happen today. “We have told the Nigerian Electricity Regulatory Commission, they are already aware of the situation. There is nobody who would say they are not aware; the minister is aware, and the presidency is aware. “The total debt has now increased to over N2.7tn and you know that 70 per cent of thermal Gencos invoice is gas. “They have been paying a small amount. So, when they pay us nine per cent, we just calculate nine per cent of our gas invoice and send it to the gas supplier because that is the only way to survive. We are all sharing in the poverty that NBET is giving us.” The halt in supply has disrupted the energy sector, leading to growing concerns about energy shortages and operational instability nationwide. Already on Wednesday, Nigerians were plunged into darkness following another collapse of the national power grid. This is the 12th time the grid would collapse in the year. Our correspondent reports that the grid went off at about 1:36 pm on Wednesday afternoon. It was observed that power generation was 0.00 megawatts as of 2 pm. The grid produced 3,087MW at 1 pm. Generation peaked at 4,013MW at 4 am. Within one week in October, the grid collapsed three times with its attendant blackouts, sparking reactions from Nigerians. A tweet via the official handle of Nigeria’s National Grid confirmed that the grid collapsed at about 2:09 pm on Wednesday. “The major grid setback has occurred and the restoration is to commence,” the tweet stated. Confirming the incident, distribution companies in different notices to their customers said the grid collapse caused the outage. Jos Disco in a statement signed by the Head, Corporate Communications, Friday Elijah, said, “The current outage being experienced within our franchise states is a result of loss of power supply from the national grid. The loss of power supply from the national grid occurred this afternoon at about 1333 hours of today, Wednesday, 11th December 2024, hence the loss of power supply on all our feeders. “We hope to restore normal power supply to our esteemed customers as soon as the grid supply is restored to normalcy. “Thank you for your patience and understanding as we strive to serve you better.” Similarly, the Abuja Distribution company stated, “We wish to inform you that a system disturbance occurred on the national grid at 1:32 pm today (Wednesday) causing a power outage across our franchise areas. “While gradual restoration of power supply has commenced, be assured that we are coordinating closely with relevant stakeholders to restore power fully as soon as the grid is stabilized.” Reacting, the President of Nigeria Consumer Protection Network, Kunle Olubiyo, called for an independent forensic audit of the debt claims by gas-producing companies as the outstanding amount does not correlate with realities in the sector. He further urged the government to fully privatise the power sector and not remain a scapegoat for the inadequacies of players in the sector. Olubiyo told The PUNCH, “What we need to do is adequately interrogate these claims; once they are checked, audited and verified, then we can see what is going on in the sector. It’s a buying and selling market. “The model currently being deployed at Azura is what we are supposed to have for all Gencos abinitio. When the government offered the power sector for privatisation (upstream and downstream), there was the provision of financial instruments such as letters of credit to … Read more

Tinubu Appoints Shamseldeen Ogunjimi Acting Accountant General

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  President Bola Tinubu has appointed Shamseldeen Ogunjimi as the Acting Accountant General of the Federation. Ogunjimi’s appointment came following the pre-retirement leave of the incumbent AGF, Oluwatoyin Madein, who retired on March 7. This was revealed in a statement by the Special Adviser to the President on Information & Strategy on Tuesday. Onanuga said his appointment is effective immediately. “In announcing Madein’s successor, President Tinubu ensures a seamless transition in the administration of Nigeria’s treasury and consolidates the implementation of the present administration’s treasury policy reforms. “As a career civil servant and the most senior director in the Office of the Accountant General of the Federation (OAGF), Mr Ogunjimi brings over 30 years of extensive experience in financial management across the public and private sectors. He has held significant positions, including Director of Funds at the OAGF and Director of Finance and Accounts at the Ministry of Foreign Affairs. “A chartered accountant, certified fraud examiner, chartered stockbroker, and chartered security and investment specialist, Mr Ogunjimi’s academic qualifications include a Bachelor of Science (BSc) in Accountancy and a Master’s in Finance and Accounting,” the statement reads. Tinubu expresses confidence in Ogunjimi’s experts. Tinubu said, “The Office of the Accountant General of the Federation is pivotal to our nation’s treasury management operations. Mr Ogunjimi’s wealth of experience and notable competence will ensure the continued effectiveness of this vital institution as we advance our economic reform agenda.” The president commended Madein for her dedication and selfless service to the nation. Punch

UPDATED] Defamation: Court Denies Human Rights Activist Dele Farotimi Bail

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  The magistrate court in Ado-Ekiti has denied bail to human rights activist, Dele Farotimi, in the suit filed by the Inspector General of Police, Mr Kayode Egbetokun, against him over alleged cybercrime. Farotimi was taken to court for allegedly defaming the founder of Afe Babalola University, Ado-Ekiti, Afe Babalola. At the court hearing on Tuesday, the presiding magistrate, Abayomi Adeosun, postponed the decision on the bail application to December 20. This happened after the police counsel, Samson Osobu, argued that the bail application submitted by the defendant was incomplete and not properly filed. This ruling, however, contradicts the decision of the Federal High Court in Ado-Ekiti, which granted Farotimi bail on Monday. The PUNCH reports that Farotimi was arrested in Lagos by the police and transported to Ekiti, where he appeared before the magistrate court on Wednesday. He was charged with defamation stemming from statements in his book, ‘Nigeria and its Criminal Justice System’ where he alleged that Babalola had compromised the Supreme Court. In his ruling, the Chief Magistrates Court in the Ado Ekiti Division ordered that Farotimi be remanded at the state’s correctional centre. Farotimi’s arrest has, however, sparked public outrage. The 2023 presidential candidate of the African Action Congress, Omoyele Sowore, called for his immediate release in a post on his X handle. Sowore stated, “It is pertinent that the Nigerian police are notified that the institution cannot continue to be used to settle personal scores, and we, the citizens of Nigeria, would no longer tolerate such a situation. “Therefore, the police at Zone 2 in Lagos are advised to release Barrister Dele Farotimi immediately.” Also, a Senior Advocate of Nigeria, Femi Falana, also condemned the arrest, describing it as illegal. Falana demanded Farotimi’s unconditional release, stating, “The arrest is unlawful and we demand his immediate release from police custody.” In defence of the arrest, the police claimed Farotimi ignored previous invitations to appear before them, citing cyberbullying and defamation as the grounds for his detention. Punch

Oyo Civil Service Commission To Commence Interview Dec. 11

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  The Oyo State Civil Service Commission has announced the dates for the commencement of interview for the recruitment of officers into the various cadres in the Civil Service of Oyo State. According to a statement by the Commission’s Chairman, Alhaji Kamoru Abiodun Aderibigbe, in Ibadan, the interview will commence with the Education Officers’ cadre on Wednesday, 11th and Thursday 12th December, 2024 while other cadres will be held from Monday 16th to Friday 20th December, 2024. Consequently, he said all applicants should check the Oyo State’s job portal and their pages from Monday, 9th December. The release added that all the invited applicants should appear on the dates for their interview schedule with their score sheets as well as their invites. The Chairman sternly warned that any applicant who misses his/her scheduled date may forfeit such, saying “they will not be attended to at any other dates apart from the dates of their interview.” While requesting the invited applicants to appreciate the magnanimity of His Excellency, Governor Seyi Makinde for lifting thousands of youths from poverty to prosperity, he advised them to comport themselves at the interview.  

Anti-Corruption War Must Begin From The Top, Says Obasanjo

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  Former President Olusegun Obasanjo has insisted that Nigeria’s battle against corruption can only be effective and successful if it begins with accountability among top government officials. The former president argued that tackling corruption at the highest levels of leadership would set an example for others and demonstrate the government’s commitment to transparency and integrity. Obasanjo spoke on Sunday night during an interactive session on Zoom tagged “Boiling Point Arena.” The conversation which was aired by some private radio stations in Abeokuta, Ogun State capital, focussed on Obasanjo’s legacies in government and his assessment of today’s Nigeria. Obasanjo described corruption as hydra-headed and one that has eaten deep into the fabric of Nigerian society, emphasising that the fight against corruption must start with leadership for it to succeed. “The best way of fighting corruption is starting from the head, that is where corruption has to be fought from,” Obasanjo said. The former President also submitted that the fight against corruption must be a consistent and daily affair to nip it in the bud. He added, “Corruption is very hydra-headed and eats deep. I think it was the Sultan of Sokoto, the father of the present Sultan, who said corruption is like a ‘babariga’; if you are folding it on one side, it’s falling apart on the other side. When you carry it on both sides, you cannot hold your hands up and as soon as you put your hands down, it’s falling apart. And that’s corruption. “It’s not a one-day affair. It’s not a one-regime affair. It’s not even a two-regime affair. It has to be consistent. It has to be continual. It has to be a daily affair. Once one regime is let off, it spreads.” He called for a change in the recruitment and appointment of leaders into public offices, insisting that political appointments must be made on merit rather than political or tribal basis. Speaking on leadership, he said self-made leaders or those enthroned by Satan are bound to fail. He insisted that only God makes a leader, and whoever he enthroned would succeed. “So I will say most leaders are prepared by God and they put in place by God and when that happens the chances of success are higher than when you make yourself a leader which may not be the act of God. “And again people saying all leaders are made by God, I don’t accept that. A leader can also be made by Satan. In the case of Job, you can remember Satan was going up and down and went before God and God was commending Job but Satan said Job was upright to God because he has gotten from God.

Ekiti Gov Honours Late CJ With N300m Transformer Project

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  Ekiti State Governor, Mr Biodun Oyebanji, has approved the sum of N300m for the purchase of transformers for the various communities unable to connect to electricity in Ekiti East Local Government Area in honour of the state’s late Chief Judge, Justice Oyewole Adeyeye. Oyebanji, who said that that was Adeyeye’s last request, said, “The project is a reflection of the late jurist’s commitment to service and community development and a way to perpetuate his legacy in the local government and beyond”. A statement from the Chief Press Secretary in Ado Ekiti on Sunday stated that Oyebanji disclosed on Friday during the funeral service for the late CJ in his hometown, Araromi Ugbeshi, in the Ekiti East LG. The governor said, “When I was coming here today, and I saw the light in some of our communities, I remembered what he (Adeyeye) told me when I became governor.   “He (Justice Adeyeye) said, ‘I’m not a politician, but I listened to your campaign promises; you said you are going to connect Ekiti East and Gbonyin to electricity; I came to remind you.’ “Within one year we got it done. He came back to say, ‘Thank you, but it’s not done completely; there are still some communities where transformers are not good.’ He gave me the list, and by the time he passed, we had not been able to do it because of resources. “So, when I knew I would be coming here today, I called the man in charge of electricity to get me the list of those communities and he brought it to my office yesterday. It is going to cost us N300m and I have approved it just to honour our departed CJ,” the governor said. Oyebanji described the late CJ as “a distinguished legal luminary whose contributions and influence in the judiciary and development of the state are invaluable”. The acting CJ, Justice Lekan Ogunmoye, who spoke earlier at a valedictory court session for the late CJ at the State Judiciary Headquarters in Ado Ekiti, described him as “a jurist per excellence”, adding that he was “a visionary, who pursued effective justice delivery and a strong, virile and efficient judiciary with determination, vigour and passion”. Ogunmoye extolled the virtues of the late Adeyeye, adding, “But suffice to say that his death at this time is a robbery to us all – his family, the legal profession, his community, the state, and nation, considering the benefits that could have continued to flow from his fine and exemplary character and his wealth of experience.” The acting CJ enumerated Adeyeye’s achievements in office, including the hitch-free appointment of four judges, the take-off of Ekiti State Customary Court of Appeal, the commencement of construction of additional court halls, digitalization of the judiciary registry and issuance of several practice directions, and as well commitment to judges’ welfare. Ekiti State Attorney General and Commissioner for Justice, Mr Dayo Apata, described the late CJ as “an embodiment of dedication, resilience and a man of sound character, a no-nonsense jurist. “Justice Adeyeye used the instrumentality of the law to uplift and protect humanity. His lordship was a man who strongly believed in the sanctity and protection of human rights. His contributions to the Judiciary in Ekiti state are unprecedented,” Apata said.  

RCCG Free Buses Gulped N63m Fuel In Seven Weeks – Leke Adeboye

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  The Pastor-in-Charge of Youth Province One, The Redeemed Christian Church of God, Joseph Palace, FESTAC, Lagos, Leke Adeboye, has declared that fueling the free buses providing transportation between Lagos and Ogun States to Nigerians cost the church over N63m in just seven weeks. The initiative, spearheaded by the church, involved 10 buses shuttling commuters between key routes in Lagos, including 7up, Victoria Island, FESTAC, CMS, Ikorodu and Mowe in Ogun State. Adeboye told our correspondent on Saturday that in addition to covering transportation, RCCG ensured the welfare of drivers and volunteers who utilised the waiting period to preach messages from Open Heavens, the church’s daily devotional also cost N10m. He revealed that each bus carried 80 passengers per trip, completing two daily trips, five days a week. Also, over the period, the buses transported an estimated 56,000 people, cutting down commuting costs significantly for Nigerians of all backgrounds, including Christians, Muslims, atheists, military personnel, students, and law enforcement officers. According to Adeboye, this initiative saved each passenger an average of ₦40,000 weekly. “The buses were accessed by everyone, regardless of religion or social status. It was our way of easing the financial burden on Nigerians. Fueling alone cost over N63m. “The free buses were entered by all, Nigerians and non-Christians, Muslims, traditionalists, atheists, Twitter warriors and abusers and accusers of the church. Students, military persons and everyone from all works of life.” “The buses have also served students, military personnel, and law enforcement officers—both in and out of uniform—as well as less privileged groups like area boys and agberos, we spent N10m on this. “The free bus initiative has been open to all Nigerians and even non-Nigerians, irrespective of their faith or status. It is a testament to the church’s commitment to serving humanity without discrimination. 10 buses x 80 souls x 2 trips per day x 5 working days a week. What number did you get?, ” Adeboye said. The province, in September, announced in a statement that “The initiative aims to ease transportation costs while also providing spiritual care and guidance. The statement disclosed that buses will depart from Mowe, Ibafo, Berger, and 7UP at Car Park C (near Redemption City) to CMS, as well as from Festac, RCCG Joseph’s Palace, Apple Junction, to Victoria Island and Lekki.” Punch

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