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

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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

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VP SHETTIMA TO ONDO PEOPLE: The Sun Will Shine Brighter In Sunshine State With Aiyedatiwa’s Re-election

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1 day ago

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November 13, 2024

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VP SHETTIMA TO ONDO PEOPLE: The Sun Will Shine Brighter In Sunshine State With Aiyedatiwa’s Re-election

*** Says President Tinubu fully behind gov to sustain APC’s commitment to their well-being

By: Our Reporter

The Vice President, Senator Kashim Shettima, has implored the people of Ondo State to re-elect Governor Lucky Aiyedatiwa and his deputy, Dr. Olayide Adelami, in Saturday’s governorship election in the state, assuring that the duo will bring hope, prosperity, unity and ensure the sun continues to shine brighter in the Sunshine State.

Specifically, the VP told the electorate in the state to ensure their votes collectively become their voice, conviction and message to those underestimating the strength and will of the state.

Senator Shettima gave the charge on Wednesday while addressing the mammoth crowd that thronged the MKO Abiola Democracy Park, Akure, for the grand finale of the All Progressives Congress (APC) governorship campaign in the state capital ahead of the gubernatorial election.

His words: “Governor Aiyedatiwa is not merely campaigning to hold onto a position—he is campaigning to bring hope, prosperity, and unity to every corner of Ondo State. I am confident he is the leader who can turn these ambitions into realities.

“This election is more than a choice between two candidates. It is a choice between progress and stagnation, between unity and division. It is a chance to stand with a party that has consistently delivered and with a leader who truly understands the heartbeat of Ondo.

“So, as you go to the polls, remember what we stand for. Remember what you deserve: a governor with the experience, the compassion, and the strength to keep pushing Ondo toward greatness. Let’s secure Ondo’s future together. Let’s vote APC, and let’s re-elect Governor Lucky Aiyedatiwa.”

Extending President Bola Ahmed Tinubu’s goodwill to the people of the state, VP Shettima said the President who is fully in support of Aiyedatiwa is confident that the Governor’s re-election will sustain the commitment of the governing APC to the people’s well-being.

“Today, I bring you the goodwill of His Excellency, President Bola Ahmed Tinubu, who would have loved to be here today but is currently engaged in securing critical development and investment opportunities for our nation at a summit in Saudi Arabia. Yet, he is with us in spirit, and he has fully endorsed the Aiyedatiwa-Adelami ticket as the torchbearers of prosperity for Ondo State,” he stated.

The Vice President urged the people of Ondo to look beyond what he described as “distractions and the noise from the usual suspects,” even as he told them to “look instead at the integrity and stability the APC has brought to this state.

“Look at the work we’ve done to strengthen our economy, even if the gains may not always be immediately visible. And consider the real, practical solutions the APC offers to make the sun shine brighter in Ondo State,” he added.

Palpably elated by what he termed “the passion” in the faces of the teeming APC supporters in the state, Shettima said he would have asked Governor Aiyedatiwa to return home and wait for them to deliver their mandate to him, adding however that the moment of the campaign grand finale was necessary “to celebrate ahead of election day.

The VP further described Governor Aiyedatiwa and his deputy as men of exceptional courage and leaders who have been tested by challenges that would have deterred many, noting that the Governor “has shown remarkable resilience in building a formidable force for the APC here in Ondo.

“From overcoming politically motivated attacks to uniting our great party, he has proven himself not just a survivor but a leader who stands strong for the good people of the Sunshine State,” he further noted.

Earlier, the Governor of Ondo State and candidate of the APC for the Saturday governorship election, Aiyedatiwa, urged the people to vote for APC.

After asking the mammoth crowd which party they would vote for, and receiving a resounding cheers from the people, he said, “The former Governor of blessed memory, Rotimi Akeredolu, would be happy seeing all of you vote APC to win the election.”

Aiyedatiwa said the late Governor once told him that he would succeed him, and would be glad to see this happen come next Saturday.

Governor Aiyedatiwa observed a minute silence in the late Akeredolu’s honour, telling the crowd that while he was not out to engage in a long statement, the citizens could as well attest to the level of development happening in the state, even as he promised that by the time he returns, he will do his best.

In his remarks, National Chairman of APC, Dr. Abdullahi Umar Ganduje, vowed that “by the grace of God come Saturday the 16th of November, Governor Aiyedatiwa will win the gubernatorial election.”

He asked the people of Ondo to come out en masse and vote for Aiyedatiwa, adding that “a vote for the Governor is a vote for unity, a vote for peace and a vote for development.

At the end of his remarks, Ganduje invited Vice President Shettima to hand over the party’s flag to the Governor and candidate of the party.

Earlier, the Vice President had paid homage to the Deji of Akure Kingdom, His Royal Majesty, Oba Ogunlade Aladetoyinbo Aladelusi, in his palace where he commended the royal father for preservation of the rich cultural heritage of the kingdom for many centuries.

VP Shettima said Akure stands proudly as a testament to the greatness that lies in heritage and unity, adding that the kingdom had long been inspiring the nation.

“This place of gathering and governance, preserved across centuries, serves as a pillar of cultural integrity and continuity. The enduring structure of this palace, a monument over 850 years old, is a reminder that Akure’s strength and grace remain constant through generations,” he stated.

Responding, the traditional ruler commended President Tinubu’s administration for his recent approval for the establishment of a teaching hospital in Akure.

“His Excellency, the Vice President, help me to convey my appreciation to the President; he just approved our teaching hospital. Akure is the only state capital that doesn’t have a teaching hospital. The president has just approved it last week. So, help me convey our gratitude to him sir,” the royal father said.

He commended Governor Aiyedatiwa for approving a five per cent monthly allocation for traditional rulers in the state, imploring the people of Akure to vote massively for the APC in next Saturday’s governorship election in the state.

Also present at the campaign rally were Chairman of Nigerian Governors’ Forum and Governor of Kwara State, AbdulRahman AbdulRazaq; Chairman of Progressives Governors’ Forum and Imo State Governor, Sen. Hope Uzodimma; Ogun State Governor, Dapo Abiodun; Lagos State Governor, Babajide Sanwo-Olu; Ekiti State Governor, Abiodun Oyebanji; Senator Adams Oshiomhole; Secretary of APC National Campaign Council for Ondo State Governorship Election, Senator Ovie Omo-Agege, and former Deputy Governor of Edo State, Philip Shaibu, among many other dignitaries.

VP SHETTIMA TO ONDO PEOPLE: The Sun Will Shine Brighter In Sunshine State With Aiyedatiwa’s Re-election

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DISBURSEMENT OF FUNDS FOR COAS SPECIAL SCHOLARSHIP SCHEME FOR INDIGENTS STUDENT 2024 BY COMMANDER 18 BRIGADE NIGERIAN ARMY

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November 13, 2024

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DISBURSEMENT OF FUNDS FOR COAS SPECIAL SCHOLARSHIP SCHEME FOR INDIGENTS STUDENT 2024 BY COMMANDER 18 BRIGADE NIGERIAN ARMY

By: Our Reporter

As part of the Nigerian Army’s (NA) commitment to Civil-Military intervention programs, the Commander 18 Brigade NA, Brigadier General Taiye Ahmed, on 12 November 2024, presented a cheque of Five Hundred Thousand Naira (N500,000) to Miss Binta Abubakar Yahaya, a beneficiary of the Chief of Army Staff (COAS) Special Scholarship Scheme for Indigent Students 2024.

The presentation took place at 18 Brigade, Litani Barracks Bida, Niger State. Brigadier General Ahmed in his remarks, congratulated Miss Binta Abubakar Yahaya on her selection, acknowledging her dedication and potentials. He stated that the COAS Special Scholarship Scheme is a key initiative aimed at offering financial supports to deserving indigent students to help them achieve their academic aspirations ,particularly tertiary education. Brigadier General Ahmed emphasized that the NA is a gender-sensitive institution dedicated to supporting both male and female students who show promises and dedication.

He further highlighted that the scholarship program underscores the NA’s broader commitments to community welfare, contributing to the upliftment of young Nigerians and ensuring that financial constraints do not hinder capable minds from realizing their potentials. During the ceremony, a minute silence was observed in honor of the Late COAS Lt Gen TA Lagbaja NAM,underscoring the Army’s enduring respect and remembrance for its fallen leader who was the initiator of the Scholarship Progeamme.

The event was widely attended by a cross section of dignitaries from the local community , including local authorities, traditional rulers, heads of security agencies as well as the media. The Representative of the Etsu Nupe and the Local Government Chairman in their separate remarks, praised the NA for yet another highly impactful gesture for societal development and encouraged Miss Binta to remain dedicated to her studies.

The Beneficiary, Miss Binta Abubakar Yahaya (an orphan) who hails from Bida Local Government Area and a student of the Department of Business Administration, at Ibrahim Badamasi Babangida University, Lapai, Niger state, expressed her deep gratitude to the NA and pledged to work hard in her studies to honor the trust and privilege granted to her. The high points of the event was the presentation of the cheque to Miss Abubakar Yahaya and souvenirs to the invited guests.

DISBURSEMENT OF FUNDS FOR COAS SPECIAL SCHOLARSHIP SCHEME FOR INDIGENTS STUDENT 2024 BY COMMANDER 18 BRIGADE NIGERIAN ARMY

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NLNG donates 970 bags of rice, 3,740 cartons of spahagetti to Borno Flood Committee

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1 day ago

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November 13, 2024

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NLNG donates 970 bags of rice, 3,740 cartons of spahagetti to Borno Flood Committee

By: Our Reporter

Borno state Flood Relief Disbursement Committee has taken delivery 970, 50kg bags of rice and 3,470 cartons of spaghetti from the Nigeria-Liquified Natural Gas (NLNG).

Receiving the items on behalf of Borno State government, chairman of the committee Engineer Ba Bukar Gujbaw thanked NLGN for the support.

He assured that the items donated will be used for the purpose intended.

Managing Director and chief Executive officer Nigeria-Liquified Natural Gas NLNG, Dr Philip Mshelbila said the items was to cushion the impact of the September 10 flood disaster.

Represented by the Head, Government relations, Mr Philip Yakubu, the team handed over the food items and conveyed their message of condolence to the government and people of the state over the huge loss.

Mr Yakubu said they were in the state to assist the government and NGOs in returning the people back to their normal lives.

The NLNG team were at the flood relief distribution centre and also the palace of His royal highness the shehu of Borno Dr Abubakar Garbai El-kanemi to pay homage and receive blessings.

NLNG donates 970 bags of rice, 3,740 cartons of spahagetti to Borno Flood Committee

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