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CBN Pegs Cash Withdrawals At N.1m, N.5m Weekly For Individuals, Companies

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The Central Bank of Nigeria (CBN) has announced a new policy that mandates deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.
According to a new memo to banks issued, yesterday, and signed by the Director of Banking Supervision, Haruna Mustafa, individuals will only be able to withdraw N100,000 per week (from over the counter, Point of Sale Machines or the Automated Teller Machines), while organisation can access N500,000 per week.
Banks have also been directed to load only N200 and lower denominations into their ATM.
The memo read, “Further to the launch of the redesigned naira notes by President Muhammadu Buhari, on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:”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 5percent and 10percent, 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.
“In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.
“Further to (6) above, you are required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose: ‘a. Valid means of identification of the payee (National Identity Card, International Passport, Driver’s License.). b. Bank Verification Number of the payee. c. Notarised customer declaration of the purpose of the cash withdrawal. d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable. e. Approval in writing by the MD/CEO of the bank authorising the withdrawal.
“Please, further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. ii. Compliance with extant AMUCFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc., is required in all circumstances. iii. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.”

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Arson: Those Behind It’ll Account For Atrocities -Fubara …Swears In Bipi, Three Others As Commissioners

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Rivers State Governor, Sir Siminalayi Fubara, has said that his administration will not fold its hands and watch sponsored political thugs run berserk, committing arson in the State.
The Governor, therefore, assured that, working with the Nigerian Police Force and the Directorate of State Services (DSS), measures will be taken to unravel those behind the recent burning of council Secretariats at Ikwerre, Emohua and Eleme Local Government areas, with a view to making them account for their atrocities.
Governor Fubara gave the assurance while swearing in four new commissioners into the Rivers State Executive Council at Government House in Port Harcourt yestersday.
Those sworn in are Hon. Israel Lebura Ngbuelu, PhD; Hon. Evans Bapakaye Bipi; Barrister Otamiri John Ngubo; and Hon. Barrister Benibo Anabraba.
Governor Fubara recalled mentioning when he sworn-in newly elected Local Government Councils’ Chairmen on 6th October, 2024, that there was intelligence on planned mayhem by misguided persons, who had threatened to prevent the elected officers from resuming duties.
True to it, Governor Fubara said, the sponsored political thugs hatched their plans, and burnt valued buildings at some council secretariats.
He said, “I said it before it happened. I knew because they were unhappy, they would go extra miles to create disaffection in the minds and hearts of the good people of Rivers State.
“We want to also let the people know that what has happened (arson) after the election, we are not going to allow it to go uninvestigated.
“A similar event had happened in this manner before, and after some weeks, some of our supporters were declared wanted in order to turn the story around.
“But this time around, I strongly believe, with the support and cooperation of the Nigerian Police and the Directorate of State Services (DSS), we will unravel those behind the assault and make sure that they account for their atrocities.”
Governor Fubara expressed appreciation for the show of patience and calmness by majority of Rivers people despite the fact that they are angry with the reckless acts of the misguided miscreants.
The Governor said he has continued to show leadership, provided the climate that has engendered productive endeavours, and will not mislead those he is leading.
“As your leader; the one steering the ship, I assure you I will not mislead anyone of you. I still stand on the path of peace. We have cases of arson in some local government areas.
“But, I appreciate your calmness. I have always maintained that we are going to be the greatest losers, if we meet them force-for-force. We need to go with peace.
“So, I will encourage everyone of you not to follow them with violence. We are carrying a basket of precious eggs in our hands. So, we need to follow them with carefulness and wisdom.”
Governor Fubara reiterated what he said the previous day on what should matter most for Rivers State, which is a firm support to ensure that the progress of Nigeria is sustained.
He said, if oil theft is not checked, the country’s economy will be badly impacted, and there will not be funds to address critical issues.
“We are in a situation where the fund that is being generated from oil production is not sufficient to tackle the challenges of Nigeria, and every hand has to be on deck to make sure that there is increase in production.
“Our focus here, not minding the distractions, will be how to provide support. You have to work with us to make sure that we curb this issue of oil theft and pipeline vandalisation.
“This is the only way that the allowances (revenue) will increase and more will also come to our State, and more progress will also be achieved in this State.”
Governor Fubara explained that his administration is doing a lot for the good people of the State, that are not being seen because of the political drama that takes their attention away.
He, however, said that his administration is working out modalities, and will soon choose a day, which could probably be before the end of October, 2024, to showcase a few projects and services that have positively impacted lives in the State.
Governor Fubara congratulated the newly sworn-in commissioners for making it into the Rivers State Executive Council.
He explained that more persons whose loyalty are for Rivers people and the administration needed to be admitted into the Rivers State Executive Council to help drive the policy of government because they will not resign their appointment.
Governor Fubara said: “We want to be sure, at this point, who we are adding into the Council, so that we will not wake up one morning and see resignation letter. So, we are taking our time.
“And usually, after a normal political period, there used to be what we call balancing. So, I can also say that the new Commissioners that are coming in are coming from their zones to also balance the political equation.”
Governor Fubara charged them to be dedicated, forthright, diligent and productive while rendering quality services to the State.
The Governor said he believed in their capacity to deliver because of their exposure to the workings of government, and expressed the hope that they will contribute positively to the success of the administration.
He said, “So, let me thank everyone of you. Let me also use this opportunity to thank the good people of Rivers State for their support, and to assure them that we will continue to defend, protect the interest of Rivers people.
“I want to thank everyone of you for your support, more especially before, during and after the elections. I appreciate your doggedness, your belief in our course to salvage this State, to protect the integrity of this State,” he added.

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Walson-Jack Seeks Media Support To Drive Reforms

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Head of Civil Service of the Federation (HoCSF), Mrs Didi Walson-Jack, has sought media support to fast-track the implementation of the ongoing reforms in the civil service sector.
Walson-Jack made the request during a cocktail organised by her office for media executives from different organisations in Abuja.
The event, according to her, aimed at interacting with the media men one-on-one, appreciate them and implore them to continue to strengthen the bond with the office.
“I want to start by thanking each and everyone of you for honouring this invitation. I want to say that we purposely designed this grail cocktail so that we can have one-on-one interactions.
“Let me also go ahead to thank you for all the supports you have given to the Office of the Head of the Civil Service of the Federation (HCSF) in the years past I know that the Fourth Estate of the realm has always supported this office.
“I will also go ahead to thank you for your support, especially at my announcement as the HoCSF and that support has continued, up till date.
“We, therefore, thought it fit that we should organise this event just to interact with you to strengthen the bond that this office has with the media, “ she said.
The HoCSF recalled that her office had continued with programmes she met on ground upon assumption of office, especially the ongoing reforms on Federal Civil Service Strategy and Implementation Plan (FCSSIP- 2022 to 2025).
She, therefore, appealed to the media for  continuous reportage on the initiative, so as to give it the necessary publicity for proper dissemination to the citizens.
“You will recall that the office has the Federal Civil Service Strategy and Implementation Plan (FCSSIP- 2022 to 2025) and that is the plan that we are still driving.
“We want to request that you collaborate more with us, we are asking that the friendship, the partnership go beyond what it is now to ensure that the reforms which this office is driving get the full publicity it requires,” she said.
Walson-Jack used the medium to announce the preparation to re-introduce the civil service national anthem officially for the entire civil servants to recite at every national programme.
“The anthem has been re-introduced to drive the reforms and it’s expected that the anthem will be sung by all federal civil/public servants and indeed Nigerians.
“And it will be an anthem that will encourage every public servants to be efficient, productive, incorruptible and citizen-centred, “ she added.
Participants at the event congratulated Mrs Walson-Jack for her uplifting to the position of the HoCSF and pledged to continue in the relationship.
In a response, Mr Ephraims Sheyin, Editor-in-Chief, News Agency of Nigeria (NAN), pledged the agency’s readiness to give the HoCSF the needed support.
According to him, supporting government policies has always been NAN’ priority as government’s owned media organisation.
“You can take it for granted that we are going to give the Office total support. It is part of our own mandates to support Federal Government policies, so we are going to do that fully for the head of service.
“As she said, she has her policies which are in tandem with the federal government policies, she is asking for the support in implementation of the Federal Government policies.
“She has very lofty ideas, she has lofty things that she believes that we should do. Our job is to make sure that whatever government wants to do, we have to support such policies, “ he said.
Speaking in the same vein, Mrs Halima Musa, Director News, NTA, assured her office’s partnership with the Head of service towards ensuring communicating the needed values on excellence, incorruptibility and new culture of efficiency to the public.

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LG Polls: Rogue Policemen Break RSIEC Gate, Strong Room To Steal Electoral Materials …Fubara Foils Attempt To Cart Away Materials

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Rivers State Governor, Sir Siminalayi Fubara has foiled an attempt by the Nigerian Police, led by the Deputy Commissioner of Police (Operations), to take over the Rivers State Independent Electoral Commission (RSIEC) at 1am on Friday, 4th October, 2024.
The rogue policemen were said to have attempted to scale through the gates and strong room of the Commission to cart away sensitive Electoral materials meant for the conduct of Saturday’s local government election in the State.
The deployment was said to have been ordered by the Inspector-General of Police.
However, the evil plots of the rogue policemen and DC Ops were botched when vigilant security officials alerted principal officers of the Commission and relevant government authorities, who immediately informed the Governor of the development.
The Governor immediately led a team of government officials, lawmakers from the National Assembly and State House of Assembly, top political stakeholders, and other leaders to storm the facility.
Addressing newsmen in front of RSIEC Office on Aba Road in Port Harcourt, after an encounter with the rogue policemen, the State Governor, Sir Siminalayi Fubara condemned the conduct of the policemen on illegal duty, saying that the IGP was taking his friendship with some Abuja-based politicians too far.
He restated the position that the attempt to surreptitiously withdraw policemen already deployed to protect the facility, and replace them with a detachment from a neighbouring State was unacceptable.
He reminded the IGP that local government election was the internal affairs of states, and advised him to allow the federation unit conduct its affairs without interference.
At present, the Chief of Staff, the Speaker of the Rivers State House of Assembly, and State and National Assembly members, alongside other stakeholders, are manning the RSIEC office to ensure that the rogur policemen in two trucks and two Hilux vehicles do not return and that elections will go ahead as scheduled on Saturday.

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