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CBN confiscates N56.8 million – Report

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CBN: Directorate of Communications In The Public Eyes   

CBN confiscates N56.8 million – Report

By: Our Reporter

A total of 67,265 banknotes with a nominal value of N56.8 million were confiscated last year, the 2020 yearly report of the Central Bank of Nigeria (CBN) has revealed.

The volume is 20.8 per cent less than 84,934 pieces confiscated the previous year and 12.18 per cent short of the nominal value. In 2019, N64.7 million was confiscated.

The report also revealed that N1000 and N500 bills dominated the confiscated denominations, accounting for 69.06 percent and 30.79 per cent respectively.

The two highest denominations accounted for 99.85 percent of seized fake naira with smaller denominations taking only 0.15 per cent. The data validates the historical trend where criminals target higher denominations for counterfeiting.

According to the statistics, the ratio of confiscated counterfeit notes to the volume of currencies in circulation was 13 pieces per million or one to 77,000, suggesting that one out of every 77,000 banknotes in circulation last year was fake.

The apex bank reports that the volume of currency-in-circulation (CIC) increased by 19 per cent from N2.44 trillion at the end of 2019 to N2.9 trillion by December 31, 2020. The increase suggests the continued dominance of cash transactions despite the growth of digital payment systems.

Detailed analysis showed that N5, N10, N20 and N50 banknotes accounted for 28.4 percent of the total volume of currency in circulation. The smaller denominations’ share of the value of the money in circulation was only 1.9 per cent while 100, N200, N500 and N1000 accounted for 63.5 per cent and 98.08 per cent of the volume and value of the currency in circulation respectively.

According to the report, the total stock of currency (issuable and non-issuable) in the vaults of the bank at the end of December 2020 was 2.75 billion pieces compared with 2.64 billion pieces reported in 2019. The figures show an increase of over 100 million pieces or four per cent.

Also Read: THE NEED TO LOOK AT THINGS DIFFERENTLY FOR A CHANGE

“At end of December, 2020, the total issuable notes (newly printed notes and counted audited clean notes) was 592.94 million pieces, compared with 726.43 million pieces in 2019, representing a decrease of 133.49 million pieces or 18.38 per cent,” the report notes.

Last year, the apex bank cut its expenditure on currency printing from N75.5 billion spent in 2019 to N58.6 billion. The Bank had spent the N64 for the same process in 2018.

“The total cost incurred on printing of banknotes in 2020 amounted to N58,618.50 million, compared with N75,523.50 million in 2019, indicating a decrease of N16,905 million or 28 per cent,” the report states.

In a separate press release, the regulator said the reduction was in line with the objective of the Godwin Emefiele-led CBN to cut the cost of printing banknotes and cash management and that eNaira was also initiated in line with the policy.

The report also says the CBN generated the sum of N6.5 billion as total income from currency management activities in the year under review compared with N13.2 billion released in 2019. The figures imply a decrease of N6.7 billion or 50.9 per cent.

“The income generated was largely from penal charges on unsorted banknotes deposited by DMBs and charges for authentication of foreign currency deposits with the Bank,” says the report.

It also disclosed that the Bank incurred a total of N67.2 billion as expenses on currency operations in the year. The amount is N18 billion or 21 per cent less than N85.2 billion spent a year earlier.

CBN confiscates N56.8 million – Report

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We were sexually abused by our Chinese employers in CAR, rescued Nigerian workers alleged

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We were sexually abused by our Chinese employers in CAR, rescued Nigerian workers alleged

By: Michael Mike

Rescued 12 Nigerian trapped workers in Central African Republic (CAR) on Friday narrated their ordeal on breathing air of freedom in Nigeria, alleging that they were sexually harassed by their Chinese employers while workers at mining site.

The 12 stranded Nigerian men whose video went viral some three weeks ago finally arrived Nigeria and paid an appreciation visit to the NIDCOM office, where they were received by Chairman/ CEO Nigerians in Diaspora Commission (NIDCOM), Hon. Abike Dabiri-Erewa, and other management staff.

The leader of the rescued workers, Igorigo Freeborn said it is important for the world to know that despite owing them 11 months salaries, “we were homosexually abused by our Chinese employers in CAR.

“I am not ashamed to say it. I want other people to learn from it. We were treated badly there but thank God for sparing our lives to tell the stories today.

“I am one of those people who usually abuse Nigeria and I don’t think anything good can come out of the country but we were all so happy to receive help and succour from Nigeria.

“Let me use this opportunity to thank President Bola Ahmed Tinubu, the Minister of Foreign Affairs, the CAR Ambassador in Bangui, the Nigerians in Diaspora Commission (NIDCOM) ,NEMA, Immigration Service and other government agencies for coming to our rescue almost immediately”, he said.

Freeborn said they had suffered a lot in the past 20 months that they left Nigeria and pleaded with the government to help them redress the injustices meted out to them by their employers.

He recalled how they were left stranded in the forest after work without payment leaving them starving in a harsh and unsafe living conditions. With support from the Presidency Ministry of Foreign Affairs ,NIDCOM, and the Nigerian mission, they were relocated to Bangui, provided with medical care, and eventually brought safely back home.

Welcoming back the returnees to Nigeria, Hon. Abike Dabiri-Erewa, assured them that justice will be served as the Commission in conjunction with relevant government agencies would take up the matter on their behalf.

The NIDCOM boss condemned the acts as inhumane and assured that the matter would be pursued to ensure justice is served in line with the citizen diplomacy of President Ahmed Bola Tinubu.

She counselled them to be of good behaviour and partner with the Commission in its advocacy on irregular migration and its consequences.

NIDCOM through Hon. Abike Dabiri-Erewa gave some cash support to all the returnees to enable them settle down while expecting their unpaid salaries.

She also called on well meaning Nigerians and corporate organisations to assist the Nigerians to settle down back in the country.

A cash donation from Perchstone and Greys, presented by Mr. Toyin Adenugba on behalf of Dr. Tolu Aderemi, Secretary to the Board of Trustees of the JAALS Foundation, were given to all the 12 returnees.

Adenugba explained that the support was a demonstration of belief in the evacuees’ potential, meant to serve as a seed for rebuilding their lives, supporting their families, and creating new opportunities at home.

Other rescued workers are Rotimi Kupoluyi, Ajosi Julius, Odeh Collins, Anifowoshe Yekini, Akubo Oluwaseun and Olayemi Peter Adewale.

Others were Stephen Abel Otkli, Samuel Ojochenemi, Alih Joel Muhammed, Unekwu Bala and Yusuf Bameyi.
End

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Police arrest MOPOL, security guards over warehouse burglary in Ogun

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Police arrest MOPOL, security guards over warehouse burglary in Ogun

By: Zagazola Makama

The Police in Ogun have arrested a mobile policeman and several security guards for alleged conspiracy, burglary and theft from a warehouse belonging to H.K Printing & Packaging Limited, Agbara.

Security sources told Zagazola Makama that the incident occurred on Aug. 9 at about 11:00 p.m., when a truck drove into the company premises and proceeded to the warehouse, allegedly aided by security operatives on duty.

According to the sources, Insp. Ibrahim James, attached to PMF 16 Abeokuta, was captured on CCTV moving around and allegedly leading the operation.

Another officer, Insp. Olabamipe Olaiya, posted to the same beat, was said to be absent from duty at the time.

The company’s security guards and the implicated police personnel allegedly conspired with others still at large to break into the warehouse and cart away goods whose total value is yet to be ascertained.

Police detectives led by CSP Phillips Abayomi, Acting ACP, Agbara Division, visited the scene and arrested the mobile policeman along with the private security guards on duty during the incident.

The suspects are being interrogated, while efforts are ongoing to track down fleeing accomplices and recover the stolen items.

Police arrest MOPOL, security guards over warehouse burglary in Ogun

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Police launch manhunt for herbalist over alleged ritual killing in Nasarawa

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Police launch manhunt for herbalist over alleged ritual killing in Nasarawa

By: Zagazola Makama

The Nasarawa State Police Command says it is searching for a herbalist, simply identified as Alfa, over alleged involvement in a ritual killing and attempted murder in Mararaba.

It was gathered that the case was reported by one Jamilu Abubakar, a vigilante member.

Abubakar allegedly accompanied two young men to Alfa’s residence on Aug. 12 to seek spiritual assistance purportedly to make more money through internet fraud.

“It was gathered that Alfa prepared a concoction and meat for the victims to eat. Shortly after consuming the meal, both developed severe stomach pain and were rushed to the Federal Medical Centre (FMC), Mararaba.

“Sadly, one of the victims, Ani Sunday, aged 21, was confirmed dead by the doctor on duty, while the second, Tosin Akurunor, is responding to treatment,” said the sources.

He said Abubakar had been arrested for his role in taking the victims to the herbalist, while the main suspect, Alfa, was at large.

Efforts are ongoing to apprehend Alfa and conclude investigations, he added.

Police launch manhunt for herbalist over alleged ritual killing in Nasarawa

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