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

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
News
FG disburses N2.25bn to Gombe MSMEs

FG disburses N2.25bn to Gombe MSMEs
The Federal Government, through the Bank of Industry (BoI), has disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe.
Dr Olasupo Olusi, Managing Director and Chief Executive Officer of BoI, confirmed this during a town hall meeting held in Gombe on Friday.
The meeting aimed to sensitise the Gombe business community about the N200 billion Federal Government Loan Scheme for MSMEs and manufacturing enterprises.
Olusi said the Federal Government, through BoI, had disbursed over N107 billion to nearly 900,000 beneficiaries across Nigeria’s six geo-political zones.
“Out of this, over 16,696 beneficiaries, valued at N2.25 billion, are from Gombe State,” he said.
Represented by Mr Mohammed Maina, North East Regional Manager of BoI, Olusi described the fund as a landmark initiative of President Bola Tinubu’s administration.
He stated that the initiative aims to empower MSMEs and revitalise Nigeria’s manufacturing sector as part of a broader economic growth strategy.
According to him, the scheme represents a strong investment in Nigeria’s future and a commitment to unlocking the business sector’s potential.
“MSMEs bring life to the local economy. They create jobs, provide livelihoods, and drive innovation across sectors,” Olusi noted.
He added that MSMEs account for 96 per cent of Nigerian businesses, 84 per cent of employment, and nearly half of the country’s Gross Domestic Product (GDP).
Olusi said President Bola Tinubu envisions an economy where local industries thrive, meet global standards, and every enterprise is empowered to succeed.
BoI, he said, is working to ensure the scheme becomes a catalyst for jobs, innovation, and prosperity, especially among young entrepreneurs.
He commended Gombe State Government’s support and urged MSME owners, community leaders, and youth groups to champion the intervention.
Mr Abdulwahab Sabo, Senior Special Assistant to Gov. Inuwa Yahaya on MSMEs, praised President Tinubu for positively impacting Gombe’s local economy.
Sabo stated that MSMEs remain the backbone of the state’s economy by creating jobs and fostering entrepreneurship, especially among women and youths.
He said the Yahaya-led administration is committed to supporting initiatives that empower women and youths while encouraging business growth.
Abbas Abdul, Chairman of the Tea and Bread Association in Gombe, expressed gratitude to President Tinubu for the financial support.
Abdul, who received N50,000 six months ago, said his business has grown to N300,000, and he now plans to open a mini restaurant.
Adamu Abubakar from Dukku LGA, who engages in fabrication and welding, said the intervention saved him from high commercial bank interest rates.
Abubakar received a N5 million loan at nine per cent interest per annum and now plans to expand and employ more young people.
The News Agency of Nigeria (NAN) reports that the town hall included a question and answer session on accessing loans and challenges faced by MSMEs.
FG disburses N2.25bn to Gombe MSMEs
News
Afenifere Warns Against Profiling Tinubu Administration, Yoruba Government

Afenifere Warns Against Profiling Tinubu Administration, Yoruba Government
… Says Such Act is Tantamount to Playing Russian Roulette with National Destiny
By: Michael Mike
Afenifere, a Pan-Yoruba Socio-Political Organisation has warned those labelling the present administration of President Bola Tinubu as Yoruba government to stop such profiling, stating that such act is tantamount to playing Russian roulette with our national destiny.
Afenifere in a statement signed on Friday by its National Organising Secretary Abagun Kole Omololu, said: “We have taken due note of the recent expose by Dr. Sandra Duru, detailing her conversation with the suspended Senator Natasha Akpoti-Uduaghan, particularly her shocking admission of a clandestine plot to sabotage the administration of His Excellency President Bola Ahmed Tinubu, GCFR, which the conspirators have stereotyped as a “Yoruba government,” and thereby stir the embers of division to deny him a second term. This is no light accusation. It is a revelation that demands reflection from patriots and repudiation from all who still hold Nigeria dear.”
The group added that: “Let it be said, plainly and without ambiguity, that President Bola Ahmed Tinubu’s government is not a Yoruba government. It is a Nigerian government. He did not ascend to the presidency by tribal inheritance but by democratic choice — the result of votes cast in faith by Nigerians of every tongue, creed, and religion.
“To label this administration as “Yoruba” and weaponize that label as grounds for sabotage is not only dishonest, but a vile act of tribal opportunism and sedition. We reject it utterly.
“We remind the nation: When President Muhammadu Buhari held office for eight years, no one branded his leadership as a “Fulani government.” No tribal coalition was formed to deny him a second term on the grounds of ethnicity. He was allowed to serve out his mandate in full — and rightly so. The same principle of equity and continuity must apply now. Let no one demand justice only when it suits them, but deny it when it is owed to others.”
The group adduced that: “President Tinubu shall serve his full term of eight years, by the will of the good people of this country and under the watch of the Constitution. To suggest otherwise is to play Russian roulette with our national destiny.”
Afenifere commended Dr. Duru for her expose, stating that: “Afenifere salutes Dr. Sandra Duru for her uncommon courage — for speaking truth not only to power, but to conspiracy. Her voice is a reminder that integrity still walks among us, and that silence, in the face of wickedness, is not an option for those who love this country.
“Furthermore, we condemn in the strongest terms the campaign of calumny and false allegations against the President of the Senate, Senator Godswill Akpabio — a man whose only crime, it appears, is that he dares to cooperate and collaborate with the President in the spirit of statesmanship and progress.
“We reject the weaponization of false allegations as political tools — especially when such weapons are aimed at innocent men, families and private lives. Politics has its place, but it must never trespass the boundaries of human decency. To smear a man’s name, fabricate charges, and unleash innuendo on his children, his home, and his honour — that is not politics. That is malice in its rawest form.”
The group further said: “We strongly decry the internationalization of fabricated domestic issues by those who authored the falsehood in the first place. This is akin to setting fire to your own seat in a cinema and running out crying “Fire! Fire!” — not out of alarm, but out of selfish ambition. It is selfishness that seeks to burn down the image of the nation to satisfy the ego of one person who believes that except she has her way, the country should not have peace.”
Afenifere warned that: “Nigeria is not a personal or tribal empire. Our nation will not bow to tribal blackmail. It will not bend to invented narratives. And it will not break under the weight of conspiracy. Let all patriots rally to the defence of truth, justice, and constitutional order. Let us remember that nations fall not only when tanks roll through streets — but also when lies, repeated often enough, begin to sound like truth.”
The group said: “We have come too far to be dragged backward by petty ambition disguised as activism. Let us reject the agents of sabotage — not because they threaten one man, but because they threaten all of us.”
Afenifere Warns Against Profiling Tinubu Administration, Yoruba Government
Crime
Police arrest 95 suspected cultists in Edo raid, recover arms and insignia

Police arrest 95 suspected cultists in Edo raid, recover arms and insignia
By: Zagazola Makama
The Police in Edo state has arrested 95 suspected cultists in a series of coordinated raids across the state targeting known cultist hideouts, the Command said on Friday.
Police sources told Zagazola Makama that the ongoing operation, which began on April 28, was carried out by combined Tactical Teams, who apprehended suspected members of three major cult groups notorious for violent crimes.
According to the police, 33 of the suspects are believed to be members of the Malphites Confraternity, 34 are linked to the Aye (Black Axe) Confraternity, while 28 others are associated with the Eiye Confraternity.
Items recovered during the operation include one single-barrel shotgun with four live cartridges, and two Malphite-branded caps.
The Police said that the suspects are being charged with multiple felonies, including cult-related murders and violent attacks in recent weeks.
The police sources assured the public that the crackdown will continue until all criminal elements are rooted out, warning that there will be no hiding place for cultists and their sponsors in the state.
Police arrest 95 suspected cultists in Edo raid, recover arms and insignia
-
News1 year ago
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions3 years ago
THE PLIGHT OF FARIDA
-
Opinions3 years ago
POLICE CHARGE ROOMS, A MINTING PRESS
-
News1 year ago
EYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Columns1 year ago
Army University Biu: There is certain interest, but certainly not from Borno.
-
ACADEMICS1 year ago
A History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Opinions1 year ago
Tinubu,Shettima: The epidemic of economic, insecurity in Nigeria
-
Politics8 months ago
Kashim Shettima: Of Sentiments, Their Opinions, and the 21 billion Naira VP’s Official Resident