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Naira Redesign, POS Operators Exploiting Nigerians

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Naira Redesign, POS Operators Exploiting Nigerians

By Alexander Zidon

The Point of Sale (POS) is where a customer executes the payments for goods and services and where sales taxes may become payable.

A POS transactions may occur in person or online, with receipt generated either in prints or electronically. POS system have become increasingly popular among merchants. Mr. Ajang ishaku told NEWSng that , ” most Nigerians now patronize the POS than the banks because it is easier and faster.

“Since I can make transactions in my neighbourhood without paying transport fare to the banks with little interest rate as charges, but it has become a haven for exploitation. The introduction of the redesigned naira notes make it so. ” he said.

According to him, POS operators took advantage of the scarcity of the notes to fraudulently collect money from the populace.

“”They have increased the interest rate from #100 for #10,000 to #100 for #1000 . This has brought a lot of hardships on Nigerians and it’s making life more unbearable for the people.

“POS operators had become so insensitive to the plight of the citizens by taking advantage of innocent Nigerians in a day light robbery.”

It will be recalled that the Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele on October 20, 2022 announced that the country’s apex bank would be redesigning the #200 ,#500 and #1000 notes.

Mr. Emefiele said, ” the move became imperative because the country needed to improve on it’s currencies security and features, investigate counterfeiting, preserve the collective national heritage, control the banknotes in circulation and reduce the overall cost of cost of currency management “.

The CBN also emphasized that the new banknotes would start circulating from December 15 , 2022 and that the old notes would cease to be legal tender on January 31, 2023.

However, the new redesigned notes since in deposition began, the people have continued to face challenges in their bid to access the notes.

The Governor of the Central Bank after several deliberations to relief the suffering of Nigerians decided to extend the deadline with ten days. But even with the ten days extension the notes are still not enough or readily available for use .

The people are crying out for more notes . The banks and ATM in Jos are over crowded by people in queues to get the notes while bankers are busy hoarding the notes to the highest bidders.

President Mohammadu Buhari last Friday asked Nigerians to give him seven days to find a lasting solution to the cash shortage crisis confronting the people.

NEWSng however gathered that POS exploitation is increasing by the day and people are making fake transfers alerts but the government has done nothing to curb the trend.

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NDLEA, US-DEA to strengthen collaboration on drug war

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NDLEA, US-DEA to strengthen collaboration on drug war

By: Michael Mike

The National Drug Law Enforcement Agency (NDLEA) and the Drug Enforcement Administration of the United States (DEA) have stressed the need to strengthen current collaboration between the two agencies on the fight against the menace of substance abuse and illicit drug trafficking.

This was the highpoint of discussion during a meeting between the Chairman/Chief Executive Officer of NDLEA, Brig Gen Buba Marwa (Rtd) and the Country Attache of US-DEA, Ms. Daphne Morrison on Friday at the NDLEA Headquarters in Abuja

Marwa, while appreciating the cordial
working relationship and partnership between NDLEA and DEA, Ms. Morrison who was recently posted to Nigeria said “I wanted to make this one of my priorities to come meet with you so we can continue to collaborate and work together.

“And thank you so much for your support over the years, and we’re ready to keep things going. I know you’ve been working well with the last Country Attaché, so I’m ready to get back in and collaborate and do some really great things with you.”

She said efforts are ongoing to organise more trainings for officers and men of the Special Operations Units of the afency Amwhile looking forward to a number of joint operations with NDLEA in already identified areas of interests.

In his response, the NDLEA boss acknowledged the excellent relationships with Morrison’s predecessors. He said: “They’ve been very, very supportive, and I have absolutely no doubt in my mind that it will be the same, if not better, with you.” He acknowledged the recent evolution of NDLEA in the size of its workforce, expansion of operational and administrative structures as well as remarkable successes recorded in its drug supply reduction and drug demand reduction efforts.

While acknowledging the support received from DEA over the years especially in areas of equipment, training, and joint operations, Marwa expressed hope that more of such support will continue. “I think we would welcome much more support but because this being your first visit to introduce yourself, I’m not going to bring out a long list of demands or requests, but just to acknowledge that we appreciate all the support we’ve been receiving.”

NDLEA, US-DEA to strengthen collaboration on drug war

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APC Affirms One-China Principle, Lauds Nigeria-China Partnership

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APC Affirms One-China Principle, Lauds Nigeria-China Partnership

By: Michael Mike

The ruling All Progressives Congress (APC) has affirmed its unwavering commitment to the one-China principle, recognising Taiwan as an integral part of the People’s Republic of China (PRC).

Speaking in an interview in Abuja on Wednesday, the APC National Vice-Chairman (North-East), Comrade Mustapha Salihu, said the party is in full alignment with the federal government’s diplomatic stance.

He said: “Nigeria is unequivocally committed to the One-China Principle. Consequently, the policies and principles of the APC will mirror those of our federal government in diplomatic matters.

“China is a significant partner for our nation; they regard us as equals rather than a lesser nation. This perspective fosters a relationship of mutual progress. Therefore, it is wise for the government to support the one-China principle.”

Salihu reiterated the APC’s firm support for the government’s diplomatic policies, stating, “As a party, we stand resolutely behind the one-China principle.”

He praised the positive outcomes of Nigeria-China diplomatic relations, particularly in trade, investment, and infrastructural development.

He said: “Our partnership with China has yielded substantial results. We have witnessed the construction of extensive roads, bridges, and railways by Chinese companies, with counterpart funding from the Chinese government.

“In addition, projects such as the Ajaokuta-Kaduna-Kano (AKK) natural gas pipeline and various free trade zones in Nigeria have been funded, in whole or in part, by Chinese institutions. Chinese enterprises are eager to establish factories and businesses in Nigeria, and many are already contributing to our economy,” he noted.

He attributed the influx of foreign investment in Nigeria to the APC administration’s business-friendly policies, including amendments to the Companies and Allied Matters Act, which have streamlined processes for investors.

He expressed the party’s readiness to strengthen ties with the Communist Party of China (CPC) through collaboration in cultural exchange, trade, education, and human capital development.

He said: “We are dedicated to fostering mutual growth and reinforcing our historic partnership.”

APC Affirms One-China Principle, Lauds Nigeria-China Partnership

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VP Shettima Departs For Taraba Investment Summit

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VP Shettima Departs For Taraba Investment Summit

By: Our Reporter

Vice President Kashim Shettima has departed the Nnamdi Azikiwe International Airport, Abuja, for Jalingo, Taraba State, to represent President Bola Ahmed Tinubu at the Taraba International Investment Summit 2025.

The summit, themed “Unlocking Taraba’s Investment Potentials – Advancing Agriculture, Energy, Mining and Industrialisation (AEMI) for Sustainable Growth and Development,” is taking place today in the state capital. VP Shettima is also scheduled to commission several key development projects during his visit to the state.

The Vice President is accompanied by Senator David Jimkuta, representing Taraba South Senatorial District; Senator Emmanuel Bwacha, former Deputy Senate Minority Leader; Hon. David Abel Fuoh, member representing Sardauna/Kurmi/Gashaka Federal Constituency; Hon. Prince Ayuba Zaku Dampar, member representing Ibi/Wukari Federal Constituency; Hon. Mohammed Abdullahi; H.E. Uba Maigari, Minister of State for Regional Development and Aisha Rimi, Executive Secretary, Nigerian Investment Promotion Commission (NIPC).

The Taraba International Investment Summit is expected to showcase the state’s vast agricultural, energy, and mineral resources to potential investors from across Nigeria and abroad, aligning with President Tinubu’s vision of expanding economic opportunities beyond major urban centres to include all parts of the country.

VP Shettima Departs For Taraba Investment Summit

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