National News
CBN confiscates N56.8 million – Report
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.
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“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
National News
NSCDC Raises Alarm Over Fake Promotion Notice, Warns Personnel Against Scammers
NSCDC Raises Alarm Over Fake Promotion Notice, Warns Personnel Against Scammers
…Disowns WhatsApp message seeking officers’ names, service numbers and ranks
By: Michael Mike
The Nigeria Security and Civil Defence Corps (NSCDC) has alerted its personnel to a fraudulent notice circulating on WhatsApp, warning that scammers are attempting to harvest officers’ personal and service details under the guise of the 2026 senior promotion exercise.
The Corps, in an official disclaimer on Monday, disowned the notice, which directs personnel to submit their full names, service numbers and present ranks to a designated WhatsApp number, 08031306693.
It described the purported directive as fake, stressing that neither the NSCDC management nor its National Public Relations Office issued the instruction.
The warning comes amid concerns over the growing use of unofficial communication channels by fraudsters to exploit personnel seeking career advancement, particularly during promotion exercises.
In the disclaimer, signed by the National Public Relations Officer, Assistant Commandant of Corps Babawale Afolabi, the Corps urged officers and men to disregard the message and avoid disclosing sensitive service information to unverified individuals or platforms.
It cautioned that the fraudulent request could expose personnel to identity theft, impersonation and other forms of financial or administrative fraud.
The NSCDC clarified that all official matters relating to promotions fall within the jurisdiction of the Secretary to the Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB).
It added that legitimate promotion-related information is communicated through established administrative channels of the Ministry of Interior and the Corps, rather than through unsolicited WhatsApp messages or personal telephone numbers.
The Corps, therefore, advised personnel to verify all promotion-related information through their appropriate command structures and official administrative channels before acting on any purported directive.
The disclaimer urged officers and men to remain vigilant and ensure that the warning receives wide publicity to prevent unsuspecting personnel from falling victim to the scheme.
The development highlights the vulnerability of internal administrative processes to impersonation and fraud, particularly where career progression and promotion opportunities are involved.
For security personnel, the Corps stressed, the safest approach is to treat unsolicited requests for service records and personal information with suspicion and rely exclusively on officially authorised communication channels.
NSCDC Raises Alarm Over Fake Promotion Notice, Warns Personnel Against Scammers
National News
ECOWAS Project Delivers Electricity to 500,000 People in Three West African Countries
ECOWAS Project Delivers Electricity to 500,000 People in Three West African Countries
…$225m World Bank-funded initiative connects 490 localities in The Gambia, Guinea-Bissau and Mali
…Mali seeks extension as ECOWAS holds final steering committee meeting in Abuja
By: Michael Mike
The Economic Community of West African States (ECOWAS) said its $225 million Regional Electricity Access Project has extended electricity access to nearly 500,000 people across 490 localities in The Gambia, Guinea-Bissau and Mali.
The achievement was disclosed at the 10th and final Steering Committee meeting of the ECOWAS Regional Electricity Access Project (ECOWAS-REAP), which opened in Abuja on Tuesday to review implementation progress and determine measures for ensuring the sustainability of the project.

The World Bank-financed initiative is designed to expand electricity access in underserved communities across the three countries, as part of efforts to deepen regional energy integration and improve living conditions in West Africa.
Speaking at the meeting, the Director of Energy and Mines at the ECOWAS Commission and Chairman of the Steering Committee, Arkadius Koumoin, acknowledged the significant progress recorded despite challenges that affected implementation, including the COVID-19 pandemic and institutional disruptions.
He, however, stressed the need for concrete decisions and actions to ensure responsible closure of the project, noting that its success should ultimately be measured by the number of households effectively connected to electricity.
Koumoin’s position highlights the importance of translating infrastructure investments into actual electricity access for communities, rather than measuring performance solely by completed project activities.

The Managing Director of the National Water and Electricity Company (NAWEC), The Gambia, Gallo Saidy; the representative of Guinea-Bissau’s Ministry responsible for Energy, Pedro Jeus de Oliviera; and Mali’s National Director of Energy, Oussouby Mary dit Ousmane Diarra, reaffirmed their commitment to completing outstanding project activities.
However, Mali called for an extension to enable it to complete its outstanding work, underscoring the need to address implementation gaps before the project’s final closure.
The meeting is expected to provide an opportunity for participating countries and the ECOWAS Commission to agree on the outstanding actions required to consolidate the gains of the initiative and ensure that beneficiaries continue to enjoy reliable electricity access.
Through ECOWAS-REAP, the regional bloc is advancing its energy integration agenda and the objectives of ECOWAS Vision 2050, with the broader ambition of translating regional investments into tangible improvements in the lives of West African citizens.
ECOWAS Project Delivers Electricity to 500,000 People in Three West African Countries
National News
Court Dismisses El-Rufai’s N120m Rights Violation Suit Over Alleged Wiretapping
Court Dismisses El-Rufai’s N120m Rights Violation Suit Over Alleged Wiretapping
By: Zagazola Makama
A High Court of the Federal Capital Territory (FCT) on Monday dismissed a N120 million fundamental rights enforcement suit filed by former Kaduna State Governor, Mallam Nasir El-Rufai, against the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Attorney General of the Federation (AGF).
The court dismissed the suit for lacking merit and awarded N200,000 each in favour of the DSS, EFCC and ICPC.
Delivering judgment, Justice Sylvanus Orji held that the invitation letters issued to El-Rufai by the EFCC and ICPC complied with constitutional requirements and did not violate his fundamental rights.
On El-Rufai’s challenge to an attempted arrest by the DSS at the Nnamdi Azikiwe International Airport, Abuja, the judge held that the service possessed powers to carry out its statutory responsibilities pursuant to the relevant legal instruments governing its operations, including the National Security Agencies Act.
The court further held that the DSS had the mandate to maintain watchlists and take appropriate action, including arresting persons of interest within the scope of its lawful powers.
Justice Orji stressed that El-Rufai could not use the court to prevent security and law enforcement agencies from performing their legally assigned duties.
On the seizure of the former governor’s international passport by the DSS, the court held that it was satisfied that the action was lawful and within the agency’s powers.
The judge also ruled that the applicant had failed to establish that the seizure was continuous, permanent and unlawful in a manner that amounted to a violation of his fundamental rights.
The suit sought N120 million in damages over alleged violations of El-Rufai’s rights in connection with the actions of the security and anti-corruption agencies.
The ruling represents a setback for the former governor in his legal challenge to the actions taken by the agencies.
Court Dismisses El-Rufai’s N120m Rights Violation Suit Over Alleged Wiretapping
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