Connect with us

News

POS dealers ATM make brisk businesses in Borno and Yobe state due to scarcity of naira notes

Published

on

POS dealers ATM make brisk businesses in Borno and Yobe state due to scarcity of naira notes

By: Bodunrin Kayode

Naira sale has become big business in the capital of Borno and Yobe states as Point Of Sale (POS) agents are making brisk business beyond the normal charges from customers.

Even the Automated Teller Machines ATM which are supposed to give customers their cash as at when needed have restricted them badly to just N2000 in some cases even as our findings indicate that they drive big amounts of new cash in their private cars back to the bedrooms of those big time business men and politicians for fear of loosing their accounts to willing bank managers.

For those in Damaturu, a smaller town and capital of Yobe State, the scarcity of old naira notes still persists as it does in maiduguri but our investigations indicate that residents are trying to survive the tensed atmosphere this has quagmire has created.

The scarcity of naira notes has caused very long queues in most of the major towns around the two states such that there are worries that some people may never have respite even after the deadline issued by the central bank of Nigeria.

It’s the same sing song in Potiskum where a security source name withheld told this reporter that the policy should have been implemented long ago and not just when the election is at the corner.

“imagine you implement a policy that you think will cripple the political class who horde billions of this same naira for the election. Do you think some of them step into the bank? The answer is no. These bankers drive the cash back into their bedrooms. So who is loosing now? It’s the common man who has to buy naira at exorbitant prices.”he pointed.

Investigation conducted by this reporter indicates that because most of the council areas of these two states do not have branches of banks, there is an acute scarcity of even the old naira notes in the hinterland 200 to 300km outside the city of maiduguri and Damaturu.

A source who also prefers anonymity in Gamboru Ngala told this reporter that some residents in the border town that have relatives in Cameroon have resolved to buy most of their needs in foreign cfa currency which is available in their area as the bite of the scarcity of the naira persists.

She went on “We become lucky only when the POS agents travel to maiduguri and bring cash for us. Even that, they charge us 300 naira for every new N1000 we ask them to change for us. Some take half of the money in the name of selling new notes to us.

” This is our sad plight because we do not have banks here, not even micro finance banks to benefit from the enormous border trade going on with the gradual advent of peace in the place.

A drive round maiduguri within the period under review indicates that some of the banks deliberately refused to pay the old money to some customers and even POS agents on the counter since Monday and that is after the central bank of Nigeria had given a directive that they should dispense cash to them.

Service providers stranded

A tailor who called himself Bomboy complained that since Monday he has been working yet people were not coming to take their clothes and pay up even old notes for services.

He said those who want to pay him are met with stiff agency charges such as 1,500 taken from their salaries for every 5000.

“So if her salary is just N15,000 monthly you can imagine how she will feel loosing up to 4,500 from her pay if she wants to withdraw the cash for keeps so she can use accordingly.” said Bomboy.

At kasua fara which is part of konduga council area of Borno, charges rose from N100 for each N5000 withdrawal to about N500 which is ten percent of the money one desires to withdraw.

In the second largest town of Bama, the report was not different right up to Pulka and Gwoza, lack of money was a recurring decimal.

The POS sellers alleged that even though it is illegal to buy the naira, they have no choice but to buy behind the counter from some willing banks to go and sell for the customers who can afford to pay for the excess charges.

Paralysis of commercial activities

The scarcity has badly affected the buying and selling going on within the city because of the fear of losses they will incur if they get to the POS which is the only leeway to escape the mammoth crowd at the banks.

Some residents who spoke to this reporter noted that going out to the Atm centres of some banks is a waste of time because after two hours of waiting you realize that it can only dispense between 3 and 5,000.

“what if my wife is sick and we need to buy drugs worth more than 5000? Do that is how I will be restricted because they now dish out only 5000 in some ATM centres averagely which is bad for business.

Meanwhile, in these the CBN has set up committees that have been going round the states to enforce compliance. In Borno the committee is headed by Mohammed Tumala, a director of statistics in the CBN.

He told this reporter that the CBN is really serious about monitoring the whole exercise and would stick to the deadline which is why they are on ground to ensure enforcement by commercial banks.

He Saud that Borno Yobe has been taken care of because over N8. 4 billion was distributed to Borno as at last week while over N4 billion has been disbursed to Yobe alone.

He said that his team has been to many areas of the state and have disbursed directly to POS and other organized groups in need of the new notes.

The team leader said that they have been working with security agencies. Icpc, efcc and other relevant groups supporting the implementation of the policy by the CBN.

Reaction from Kano

Another anonymous source in kano said that it was true that some people were making brisk businesses from the currency business.

“But it is to our own disadvantage because our kids are the people I am thinking of. How will their generation live their lives? The masses are suffering and things are not getting better in anyway.

” There is no scarcity in kano except that people are buying the notes and keeping them in their homes as surety for the dry day.

” A lot of people have turned the crave for new naira notes into business and that is the only time it becomes scarce. Imagine someone withdrawing a million while others do not have anything.

” The POS agents are equally not helping matters because they exploit people a lot, by selling the currency at cut throat prices.

” At least eighty percent of the currency in circulation is outside the banking system. Just 20 percent is within the system and that is not good for our economy.

“The cashless policy must succeed because we cannot continue to be a cash based society.

” That is why we are welcoming E naira because it will also make sure we are boarded from the cash system. It would be of great advantage to the country as such it should be embraced if we mean business with our economy.

Reaction from the Govt house

Except for those with verifiable constraints such as lacking supplies from the CBN, the State Governor, Professor Babagana Zulum has directed that any bank which refuses to dispense new naira notes via ATMs and banking halls should have its land revoked.

Zulum issued the directive over the weekend after visiting branches of banks to assess problems being faced by residents in trying to access new naira notes via long queues at ATMs amid acute scarcity and hopelessness.

“Any bank in Borno State that is not willing to ensure their ATMs are fully dispensing new naira notes cash to ease the suffering of our people, we will withdraw their land title immediately. We will only spare Banks with genuine constraints that are verifiable” Zulum said.

Before that declaration, Zulum expressed unhappiness when he saw hundreds of people queued at a bank’s branch, with only one out of 10 ATMs dispensing cash.

“As you can see here, only less privileged people are queued up. I didn’t see rich people here. Many people are said to been here since 3:00 am, some could not even eat anything. The new naira notes and even the old ones are not available and that is adversely affecting commercial activities in the state and people are suffering

“We just released salaries of about 5 billion naira and the banks don’t have money, some of the ATMs are not working. We don’t have any problem with the CBN policy or the withdrawal limit, they said individuals can only withdraw N20,000, but why can’t everyone have access to that N20,000?” he said.

“Yesterday I was in Gubio with a population of over 70,000 people but it was impossible to source N100,000 in the entire local government, neither of the new note nor the old notes. A ram that is worth N100,000 is now being sold for N35,000 because people are desperate for cash, and some wicked rich people are going to rural areas to exploit poor people. ” Said Zulum

The Governor urged the Central Bank of Nigeria (CBN) to ensure the availability of new notes at commercial banks for people to access their money.

“Right now in Borno State, I have visited more than ten ATMs and there’s no cash” Zulum said.

POS dealers ATM make brisk businesses in Borno and Yobe state due to scarcity of naira notes

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

APC commits to free, fair primary election in Adamawa

Published

on

APC commits to free, fair primary election in Adamawa

The leadership of All Progressives Congress (APC) in Adamawa in partnership with the party’s Unity Forum is committed to conducting a free, fair and credible primary election in the state ahead of 2027 general elections.

Mr Abubakar Hamma-Girei, Director General of the Forum stated this at a press conference in Yola.

He said that the forum would ensure that all Party members have an equal opportunity to participate in the process, and that the outcome reflects the will of the party faithful.

He expressed gratitude to President Bola Tinubu and all stakeholders for the remarkable achievement recorded in the country that makes opposition to join the party

“We understand the importance of maintaining the trust and confidence of our members, and we are working tirelessly to ensure that the Primary Election is conducted in a transparent and accountable manner.

“Let me assure you that there will be no imposition of the candidate, and that will be free from any form of manipulation or interference.

“We will uphold the principles of internal Democracy and ensure that the best candidate emerges to fly our Party’s flag in the forthcoming elections”, he said.

The DG urged all party members to participate actively in the primary election and to report any irregularities or concern to the relevance authorities.

“Together we build a stronger more united Party that will deliver for our great nation.

“We are calling on all Nigerians who are passionate about positive change and good governance we invite you to join the All Progress Congress (APC) family”, he said.

According to him,, the ongoing membership revalidation exercise is a unique opportunity for shaping the future of the great nation.

Hamma further said that the forum also resolved to support all APC candidates in the forthcoming Local Government election in the state.

“We are directed to intimate all our members across 21 LGA to give them adequate support they deserve”, he said.

APC commits to free, fair primary election in Adamawa

Continue Reading

News

Nigeria, Currently Dealing with Multiple Layers of Disease- Ministry of Health

Published

on

Nigeria, Currently Dealing with Multiple Layers of Disease- Ministry of Health

By: Michael Mike

The Ministry of Health has raised the alarm over the changing health challenges in the country, warning that the country is currently dealing with multiple layers of disease at the same time.

Speaking at the official inauguration of the Nuparadigm Health Foundation, which marks a new era of health awareness and n the country, a representative of Ministry of Health, Abraham Emmanuel emphasized the urgent need for prevention, education, and lifestyle interventions to protect public health.

Nuparadigm Health Foundation is a non-governmental organisation committed to raising awareness about non-communicable diseases and the risk factors associated with them. The foundation aims to provide credible health information, educate communities, and encourage healthier lifestyles to prevent the onset of avoidable illnesses.

Emmanuel explained that Nigeria’s health challenges are changing, with the country now dealing with multiple layers of disease at the same time.

He said; “Africa, and Nigeria in particular, is no longer facing only communicable diseases. We are now experiencing a double burden of communicable and non-communicable diseases, and some even describe it as a triple burden when pandemics are included.”

He decried that younger Nigerians are increasingly affected, stating that: “Non-communicable diseases are increasing in Nigeria, and the age limit is dropping. Conditions like hypertension, stroke and type 2 diabetes are now affecting people in their 30s.”

Emmanuel noted that lifestyle is the main risk factor. He said: “These are mainly lifestyle-related diseases, which means they can be managed and prevented through increased awareness and better choices.”

He also highlighted alarming national survey findings, warning that many Nigerians are unaware of the silent health threats around them. “The data from our national survey is alarming. Many Nigerians are developing non-communicable diseases without knowing the risk factors, such as unhealthy diets, physical inactivity, harmful use of alcohol, tobacco use and even second-hand smoke,” he said.

Emmanuel, while lamenting that these risk factors which are often overlooked in daily life, are driving a surge in preventable illnesses, creating a hidden crisis that could overwhelm families and the healthcare system if urgent action is not taken.

On her part, the founder of Nuparadigm Health Foundation, Dr. Omolara Olagunju said her experience as a doctor led her to conclude that hospitals mainly treat disease, while true healthcare lies in daily prevention.

She said: “After about 15 years of medical practice, I realised that we don’t really have healthcare in the true sense. Hospitals are not health care systems; they are more like disease parlours. Real healthcare happens outside the hospital, and you should not have to be sick before you start thinking about how to be healthy.”

She explained that many Nigerians harm their health unknowingly because they lack access to simple, trustworthy information.

Olagunju said: “A lot of people are doing things every day that are damaging to their health, and they don’t even know it. When I tell them, they say, ‘Doctor, I didn’t even know.’ That is why we believe that everyone has a right to essential health information — the kind of information you need to maintain the good health that you already have.”

She also acknowledged the harsh realities of daily life, saying many people sacrifice health in the struggle to survive.

“People tell me they are too busy to come for health checks, and I later realised that their reasons are legitimate. People are trying to make ends meet in Nigeria. But sometimes we are working harder, winning the battle financially, and losing the war because our health is steadily deteriorating in the process.” She noted .

She emphasized that the foundation is designed to take health awareness directly into everyday spaces instead of waiting for hospital visits.

“Instead of waiting for people to come to the hospital, we decided to go to them to their offices, their schools and their social media platforms and share this information as widely as possible, because it may be just one piece of information that makes all the difference.” She said.

She also warned that unhealthy lifestyles learned early are already showing consequences in children.

“We were not born liking sugary drinks; these tastes were learned. Today, I see obese children everywhere, and I ask myself what will happen to these children in 10, 15 or 20 years if we don’t do something drastic now.” She warned .

In his keynote address, Consultant Physician and Interventional Cardiologist, Dr. Iseko Iseko said Nigeria invests more in treating illness than in preventing it.

“Over the last two decades in healthcare, most of what we do is secondary prevention treating diseases after they have happened and trying to prevent complications. But primary prevention, which is stopping diseases from happening through education and healthy practices, is where we should be investing more of our energy.” He said

Iseko warned that Nigeria’s fragile healthcare system is under strain from both infectious and lifestyle-related diseases

In his words he said “In Nigeria and sub-Saharan Africa, we are still dealing with communicable diseases like malaria, tuberculosis and HIV, but at the same time we are now seeing increasing cases of heart attacks, strokes and diabetes. This double burden of disease is putting enormous pressure on our healthcare system.”

He described Nigeria’s low life expectancy as a reflection of widespread preventable illness and weak preventive care.

He said: “A lot of Nigerians are dying prematurely, and Nigeria is now among the countries with the lowest life expectancy in the world. This is not because we lack potential, but because we have failed to prioritize preventive health and protect our population from avoidable diseases”.

Iseko stressed that everyday habits are driving diseases that drain families financially and emotionally, noting that:

“Many of the diseases we see today are lifestyle-driven and preventable. Treating heart failure alone can cost over ₦1.85 million every month, and when you look at conditions like stroke and kidney failure, the cost to families is catastrophic. This is why prevention, early detection and lifestyle change are far better than waiting to treat advanced disease.”

He further warned about lifestyle-related risk factors, stating that: “Sitting too much, smoking, unhealthy diets and alcohol are silently destroying our blood vessels. These are preventable causes of heart disease and stroke.”

Iseko emphasized the financial and health benefits of prevention, stressing that: “The average cost of treating heart failure is not less than ₦1.85 million per month. Treatment is expensive, catastrophic, and it is far better to prevent these diseases than to manage them.”

The event brought together healthcare professionals, government officials, and key stakeholders, emphasizing the urgent need for prevention, education, and lifestyle interventions to protect public health.

Nigeria, Currently Dealing with Multiple Layers of Disease- Ministry of Health

Continue Reading

News

80-year-old ex-convict arrested as NDLEA uncovers illicit drugs in full body mannequins

Published

on

80-year-old ex-convict arrested as NDLEA uncovers illicit drugs in full body mannequins

By: Michael Mike

An unrepentant 80-year-old grandpa Jeremiah Nkanta has again been nabbed for another drug crime by operatives of the National Drug Law Enforcement Agency (NDLEA) barely

three years after he was arrested, prosecuted and sentenced to two years imprisonment for dealing in illicit drugs,

A statement by the spokesman of the anti-narcotics agency, Femi Babafemi on Sunday said Nkanta, notorious for illicit drug business was first arrested by NDLEA on 14th December 2022, prosecuted and sentenced to two years in jail by a Federal High Court in Uyo, Akwa Ibom state.

Babafemi said Nkanta not ready to let go the old habit, returned to the illicit drug trade and following credible intelligence, NDLEA operatives on Saturday tracked the Octogenarian ex-convict to his Mmanta – Abak village, Abak local government area of Akwa Ibom state, where he was arrested with 5.7 kilogrammes of skunk, a strain of cannabis in his residence.

The spokesman said in another successful interdiction operation in Akwa Ibom state, NDLEA operatives on patrol along Oron-Ibaka road in Oron local government area last Friday intercepted a 37-year-old businessman Ani Onyebuchi while travelling with full body mannequins for his clothing business in Cameroun, adding that a search of the mannequins revealed that they were stuffed with pills of tramadol weighing 5.3 kilogrammes.

He said the suspect claimed he resides in Cameroon and was reportedly returning to his base after the Christmas and New Year holidays when he was apprehended. It was revealed that he bought the drugs in Onitsha, Anambra state and was trafficking them to Cameroon to sell, using two mannequins to conceal the opioids.

In Oyo state, raids across different locations led to the seizure of dangerous illicit drugs and arrest of notorious dealers, including 45-year-old Remi Bamidele (Alias ‘Aluko the Mafia’) at Sasa, Ibadan, where a total of 10.696 kilogrammes of Colorado, Scottish Loud, Ghana Loud, Canadian Loud and skunk, all strains of cannabis.

Babafemi said at the time of his arrest last Thursday, two vehicles: Toyota Venza and Toyota Yaris marked HG 06 LYD were recovered from him.

At Adegbayi area of the state capital Ibadan, NDLEA officers lastbFriday arrested Adeola Toheeb, 27, with various quantities of Colorado, Ghana Loud and skunk while Habeeb Ali, 29, was nabbed at Ring road, Ibadan with 1.264 kilogrammes Colorado, Scottish Loud and skunk. Not less than

₦1,307,100 cash exhibit was also recovered from him at the point of his arrest on Saturday.

A dispatch rider Osagbovo Edigin, 30, and two other suspects: Ebimi Labo, 28, and Akhimie Success, 25, were last Friday arrested at Ihama/Airport road GRA Benin City, Edo state in connection with the seizure of 118 grammes of Canadian Loud and a wrap of Colorado.

While Jimoh Agbonmhegbe, 49, was arrested at Irrua with 17.552 kilogrammes Colorado, Loud and skunk, another suspect Evelyn Okoyomon, 38, was nabbed at Ubiaja with 930 grammes of skunk last Wednesday.

Babafemi said in Niger state, no fewer than 4,000 pills of tramadol 225mg were recovered from a suspect Nazifi Umar, 22, at Dakwa town, Tafa local government area, while another suspect Yusuf Usman, 41, was nabbed with 100 blocks of skunk weighing 47 kilogrammes at Lankaviri, Yorro local government area, Taraba state last Wednesday.

Not less than 30,950 capsules of tramadol, he said were recovered from the home of a suspect Ugwoke Chibueze, 40, in Bachure area of Yola South local government area, Adamawa state following his arrest at the Lamido Aliyu Mustapha International Airport Yola last Tuesday.

Babafemi said with the same vigour, commands and formations of the agency across the country continued their War Against Drug Abuse (WADA) sensitization activities to schools, worship centres, work places and communities among others in the past week.

Meanwhile, the Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (Rtd), while commending the officers and men of Akwa Ibom, Adamawa, Taraba, Edo, Oyo, and Niger commands of the agency for the arrests and seizures, stated that their operational successes and those of their compatriots across the country especially their balanced approach to drug supply reduction and drug demand reduction efforts are well appreciated.

80-year-old ex-convict arrested as NDLEA uncovers illicit drugs in full body mannequins

Continue Reading

Trending

Verified by MonsterInsights