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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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Tinubu orders full investigation into deaths of suspected illegal miners in NSCDC custody

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Tinubu orders full investigation into deaths of suspected illegal miners in NSCDC custody

By: Our Reporter

President Bola Tinubu has ordered a full, transparent and unhindered investigation into the deaths of suspected illegal miners detained by the Nigeria Security and Civil Defence Corps (NSCDC) following enforcement operations around the Lt. General Mohammed Inuwa Wushishi Estate in Minna, Niger State.

In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the President said the life of every Nigerian matters and that no citizen should lose their life while in government custody as a result of negligence, abuse, inhumane treatment or dereliction of duty.

Tinubu expressed deep concern over the reported deaths, describing the development as a grave matter requiring urgent investigation and accountability.

He said while the Federal Government would continue to combat illegal mining and other criminal activities across the country, enforcement operations must be conducted strictly within the law and with full respect for the dignity and fundamental rights of persons in custody.

The President stressed that the fact that the victims were suspected of illegal mining did not remove their right to life, dignity and humane treatment while in government custody.

He warned that the government would not tolerate mass deaths arising from official negligence, dereliction of duty or failure by public officials to protect people placed under their care.

“Where the investigation establishes that any official, through action, abuse or negligence, contributed to these deaths, such an officer must be arrested and prosecuted in accordance with the law. There must be accountability,” Tinubu said.

The President directed relevant authorities to ensure that the investigation is comprehensive, transparent and unhindered, covering the circumstances of the arrests, the conditions under which the detainees were held, the events leading to their deaths and the conduct of all officials involved.

The directive comes as the Niger State Government has also constituted a Committee of Inquiry to establish the circumstances surrounding the deaths, with Deputy Governor Yakubu Garba as Chairman and Commissioner for Homeland Security Maurice Magaji as Secretary.

The Niger State Government said forensic examinations and autopsies would be conducted to establish the exact cause of death, while the NSCDC Commandant General has suspended the Niger State Commandant, Suberu Siyaka Aniviye, and members of his team to allow investigations to proceed.

Tinubu orders full investigation into deaths of suspected illegal miners in NSCDC custody

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Breaking: NSCDC launches probe as 30 suspected illegal miners die in Commands custody in Niger

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Breaking: NSCDC launches probe as 30 suspected illegal miners die in Commands custody in Niger

By Zagazola Makama

The Nigeria Security and Civil Defence Corps (NSCDC) has ordered an investigation into the deaths of several suspected illegal miners arrested during an enforcement operation in Niger State.

The suspects were apprehended on Sept. 15 and 16, 2026, during a joint operation targeting illegal mining activities around the M.I. Wushishi/Lukoto axis of the state.

The NSCDC Niger State Command initially reported that scores of detainees were found dead in the early hours of Sept. 17 following what was described as a suspected disease outbreak.

The remains have since been evacuated to the General Hospital, Minna, where medical examinations are expected to determine the actual cause of death.

The development has generated concern among relatives of some of the detainees, with family members alleging that more than 30 people died while in custody.

However, the NSCDC has cautioned against attributing the deaths to any particular disease before medical and laboratory examinations are concluded.

In a statement issued by the Corps’ National Public Relations Officer, Assistant Commandant of Corps Babawale Afolabi, the Commandant General, Prof. Ahmed Abubakar Audi, directed the immediate constitution of a high-powered investigative team.

The team, headed by the Deputy Commandant General responsible for Intelligence and Investigation, is expected to establish what happened before and after the suspects were taken into custody.

Investigators are to examine the physical condition of the detainees at the point of arrest, the duration of their detention, conditions inside the facility, medical care provided to them and other circumstances that could have contributed to the deaths.

The Corps said it was also working with health authorities and other security agencies to implement appropriate medical and public-health measures.

It further directed that the health and welfare of suspects still in custody be given immediate priority, while personnel who may have come into contact with the affected detainees are also protected.

The NSCDC said the incident would be addressed strictly on the basis of verified medical and investigative findings.

The Corps also reiterated that its campaign against illegal mining would continue, stressing that the enforcement of the law must be carried out alongside respect for the dignity and fundamental rights of persons in custody.

The Commandant General expressed condolences to the families of those who died and assured them that the circumstances surrounding the incident would be thoroughly investigated.

The Corps appealed to the public to remain calm while the medical and investigative processes are concluded, promising to release further information as verified facts become available.

The incident has meanwhile raised questions about the health status and detention conditions of the arrested miners, with the pending medical examination expected to provide critical answers on what caused the deaths.

Breaking: NSCDC launches probe as 30 suspected illegal miners die in Commands custody in Niger

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VP SHETTIMA CLARIFIES REMARKS ON NORTHERN GOVERNORS’ SUPPORT FOR PRESIDENT TINUBU

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VP SHETTIMA CLARIFIES REMARKS ON NORTHERN GOVERNORS’ SUPPORT FOR PRESIDENT TINUBU

By: Our Reporter

The Office of the Vice President wishes to clarify remarks by Vice President Kashim Shettima concerning the support President Bola Ahmed Tinubu received from northern governors in the build-up to his emergence as the presidential candidate of the All Progressives Congress (APC).

The Vice President’s reference to six northern governors who believed in and supported President Tinubu was specifically about political consultations and alignments preceding the APC presidential primary in June 2022.

It was not a comment on the position of northern APC governors following President Tinubu’s emergence as the party’s candidate, nor was it intended to question their support during the 2023 presidential election.

Following the presidential primary, APC governors in the North rallied around the party’s candidate and played important roles in the campaign and electoral efforts that culminated in President Tinubu’s victory in the 2023 general election. Indeed, it is worthy of note that it was after the declaration of President Tinubu as winner of the 2023 presidential primaries that all other governors across the country rallied round and followed suit. That declaration by the northern governors hence became the aligning moment across all political divides in the quest for power shift.

VP Shettima holds the northern governors and other leaders of the APC in high regard and recognises their individual and collective contributions to the success of the party and the emergence of President Tinubu.

The Vice President regrets any interpretation of his remarks that may have suggested otherwise and hopes this clarification places the comments in their proper context.

VP Shettima also appreciates the Nigerian media for its longstanding professionalism and constructive engagement with his office and urges continued accuracy and context in the reporting of public remarks as the country approaches another political season.

VP SHETTIMA CLARIFIES REMARKS ON NORTHERN GOVERNORS’ SUPPORT FOR PRESIDENT TINUBU

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