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
Police arrest notorious bandit linked to killings of officers in Benue, Nasarawa
Police arrest notorious bandit linked to killings of officers in Benue, Nasarawa
By: Zagazola Makama
Police operatives in Benue have arrested a suspected notorious armed bandit believed to be responsible for multiple attacks on security personnel in the state.
Zagazola gathered that the suspect, identified as Yongu Justine Makwagh of Kadarko in Nasarawa State, was arrested on Friday at about 8:00 p.m. at Balcony Park in Makurdi following months of sustained surveillance.
It was gathered that the Divisional Police Officer (DPO) of Daudu led the operation after acting on credible intelligence, with reinforcement from operatives of the Inspector-General of Police Intelligence Response Team (IRT) on special duty.
Sources said Makwagh has been on the command’s wanted list due to his alleged involvement in several deadly attacks in the Sankera axis.
“The suspect was earlier linked to the killing of two Safer Highway Police personnel at Yelwata and two operatives of the Department of Operations (DOPS) in Daudu, during which firearms were carted away,” the source said.
The arrest is considered a major breakthrough for the command, which has intensified efforts to dismantle bandit networks operating across Benue and neighbouring states.
Police authorities said the suspect is currently in custody and undergoing interrogation, while further investigations are ongoing to recover additional arms and track his accomplices.
Police arrest notorious bandit linked to killings of officers in Benue, Nasarawa
News
“We are behind you,” Zulum addresses armed forces in Damboa
“We are behind you,” Zulum addresses armed forces in Damboa
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, on Saturday, addressed troops of 25 Task Force Brigade of Nigerian Army, declaring the state’s and its people’s support for their relentless fight against Boko Haram/ISWAP insurgents.
The governor, speaking at a front-line military base in Damboa, sympathised deeply with the officers and soldiers, acknowledging the immense personal sacrifice and hard work they put in daily. He commended what he described as their “giant effort and supreme sacrifice” in the ongoing battle to secure Borno State and protect civilians from the threats of Boko Haram and Islamic State West Africa Province (ISWAP).
Zulum stated, “On behalf of the government and good people of Borno State. We are here in Damboa purposely to commiserate with you over the recent setback which claimed the lives of some of your colleagues.
It is an unfortunate event, and I want to extend my condolences to you and the families of all the officers and men of this brigade who lost their lives while discharging their duties. We pray to Almighty Allah to heal those injured in action as soon as possible.
For those of you who are still alive and healthy, we pray that God will protect you, give you the vision and strength to carry out your duties effectively. You have been doing very well. We have acknowledged your support and would like to commend you.
I want to once again sympathise with you on behalf of the government and good people of Borno State, and to assure you that we will do everything possible within the resources available to us to support your mission and vision to end the crisis.”
The governor was received by the Brigade Commander of 25 Task Force Brigade, Brigadier General Igwe Patrick Omokeh.
The visit was part of Zulum’s tour of communities in southern Borno. Earlier in the day, the governor met with grieving families in Chibok, where he commiserated with them over the loss of lives and property, offering condolences and immediate relief to those that
lost properties.
During the Chibok meeting, the governor announced concrete measures to protect lives and property. He noted that the state government, in collaboration with the federal government and security agencies, is implementing enhanced measures to protect vulnerable communities against future attacks.
“We are here to offer our condolences over what happened these past days in Chibok general area, especially to those who lost their lives. The situation is painful. We are here to show our sorrow over what happened.
Death comes at its appointed time. We offer you our condolences and assure you that, God willing, the issue of insecurity in Chibok will be resolved. We will provide a permanent solution and put an end to it.
We will take action. Please be patient. Our thoughts are with you, and one thing that made me happy is how you have remained calm and stayed in your communities despite everything,” Zulum said. The governor announced financial assistance of N1 million to the bereaved families and N500,000 to those whose properties were destroyed during the recent unfortunate attacks.
“We are behind you,” Zulum addresses armed forces in Damboa
News
VP Shettima Launches ₦1bn Family Business Grant Initiative In Akwa Ibom
VP Shettima Launches ₦1bn Family Business Grant Initiative In Akwa Ibom
** Says governance must deliver grassroots prosperity for all Nigerian households
By: Our Reporter
Vice President Kashim Shettima on Saturday launched a one billion naira family-based business grant initiative in Ukanafun/Oruk Anam Federal Constituency of Akwa Ibom State, describing the programme as a model for translating democratic promises into tangible economic empowerment at the grassroots level.
He said the administration of President Bola Ahmed Tinubu is committed to interventions that directly uplift households and stimulate inclusive growth.
Speaking at the launch of the Renewed Hope/ARISE Agenda grant programme, VP Shettima noted that sustainable national development requires empowering citizens to become active participants in economic reconstruction.
“There is greater honour in empowering a man to create than in offering him a fleeting gift. True empowerment endures because it teaches the mind to search for its own doors, its own pathways, and its own opportunities,” the Vice President said.
The initiative, conceived by the member representing Unyime Idem of Ukanafun/Oruk Anam Federal Constituency in the House of Representatives, provides seed capital directly to families to establish or expand small enterprises.
The Vice President said the programme exemplifies President Tinubu’s Renewed Hope Agenda priorities, which include economic empowerment, job creation, support for micro, small and medium enterprises, poverty reduction, and expanded social protection.
He stated: “This gathering aligns with the principle that democracy works when the dividends promised by us reach families at the grassroots, uplift our communities, and expand opportunities for all.
“Democracy finds its true essence not in speeches but in interventions that touch the lives of ordinary people in extraordinary ways.”
The Vice President praised the collaboration between federal and state governments, specifically acknowledging Akwa Ibom Governor Umo Eno’s ARISE Agenda, which focuses on agricultural expansion, rural development, SME support, and social inclusion.
“This is what governance should look like: a seamless convergence of federal and state agendas at the exact point where citizens feel the impact.When leadership aligns in purpose, the people inherit progress,” he said.
The Vice President said the family-based approach would strengthen local enterprises, increase household incomes, expand the local economy, empower women and youth, reduce dependency, and enhance productivity and self-reliance.
“When a family is empowered, a community is empowered; when a community is empowered, a nation is strengthened,” he explained.
VP Shettima urged beneficiaries to invest the seed capital wisely, noting its potential to become the foundation for generational progress.
He assured constituents not included in the initial distribution that subsequent batches would accommodate everyone, adding that no one will be left out in the initiative.
The Vice President positioned the Ukanafun/Oruk Anam programme as a template for public office holders nationwide.
“You have demonstrated that politics is most noble when it delivers hope, opportunity, and dignity. So, I extend to you the gratitude of the nation, and I congratulate Rt. Hon. Unyime Idem for recognising the danger of a nation left idle, and for choosing instead to invest in the industrious spirit of his people,” he added.
Earlier, the Deputy Governor of Akwa Ibom State, Senator (Dr.) Akon Eyakenyi, thanked the Vice President for always honouring the state’s invitation, saying he is seen in the state “not only as a distinguished leader but as a brother who has been warmly embraced,” by the state Governor, Pastor Umo Eno.
“Your frequent visits to Akwa Ibom State have demonstrated a commitment to our people and our development. I am confident that our governor has graciously extended his hospitality to you, reflecting the strong bonds we share as sons of this great state,” Senator Eyakenyi said.
The Deputy Governor urged the beneficiaries to utilize the funds wisely, invest in their businesses, and ultimately contribute to the local economy.
On his part, the member representing Unyime Idem of Ukanafun/Oruk Anam Federal Constituency in the House of Representatives, Hon Unyime Idem, thanked the Vice President for gracing the launch, noting that the process of distributing the grant was quite transparent and open, with 3,000 families benefiting.
“What it, therefore, means is that the Renewed Hope Agenda of the federal government and the ARISE Agenda of the state were fully captured,” the lawmaker explained, just as he assured that President Tinubu’s second term bid is secured, as the benefiting were ready to vote and return the President come 2027.
VP Shettima Launches ₦1bn Family Business Grant Initiative In Akwa Ibom
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