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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
Concerns Rise Over Security and Governance In Benue State
Concerns Rise Over Security and Governance In Benue State
By: Michael Mike
The Center for Democracy and Human Rights (CEDEHUR) has expressed deep concern over the worsening security and administrative situation in Benue State under Governor Hyacinth Alia.
In a press statement read by Comrade Adebayo Lion Ogory in Abuja, CEDEHUR highlighted a series of violent incidents affecting communities across the state, particularly in Turan (Kwande LGA), Logo, Gwer West, and Agatu.
The group noted that attacks by armed herdsmen have resulted in deaths, displacement, and disruption of farming activities, a vital component of the state’s economy.
The organization also raised concerns over alleged administrative failures and financial mismanagement in several state agencies, including the State Universal Basic Education Board (SUBEB), Bureau for Quality Assurance and Examination Board, Benue Investment and Property Company (BIPC), and the Bureau of Solid Minerals.
CEDEHUR cited reports of irregular contract awards, diversion of funds, and overall institutional inefficiency.
Further, the group reported ongoing illegal mining activities in protected areas involving foreign operators, claiming that the state government had failed to intervene. Last weekend, two young men were reportedly killed in Turan following mining activities in the area.
CEDEHUR also expressed concern over directives allegedly issued by Governor Alia restricting public gatherings without official approval, warning that such measures could undermine civil liberties.
They called for clarity from APC National Chairman Prof. Nentawe Yilwatda regarding the party’s role in these directives.
The organization urged federal authorities, including the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), and the Nigeria Police, to investigate allegations of financial mismanagement, human rights violations, and security breaches in the state.
CEDEHUR further appealed to President Bola Ahmed Tinubu to convene a meeting with Benue stakeholders to address the escalating crisis and called for the immediate halt of illegal mining operations and political thuggery across the state.
The group warned that without swift intervention, insecurity and governance challenges in Benue could escalate, threatening lives, livelihoods, and public confidence in the state government.
Concerns Rise Over Security and Governance In Benue State
News
Agribusiness Conglomerate Targets Over 6,000 Jobs With Multi-million Dollar Investments In Nigeria
Agribusiness Conglomerate Targets Over 6,000 Jobs With Multi-million Dollar Investments In Nigeria
As VP Shettima hails decision, assures security of investments
By: Our Reporter
The Vice President, Senator Kashim Shettima, has hailed the multi-million-dollar investment portfolio by African agribusiness conglomerate, Export Trading Group (ETG), in Nigeria, assuring that ongoing reforms by the administration of President Bola Ahmed Tinubu will guarantee the company’s investments.
According to him, the company’s interests across agro-logistics, fertilizer systems, seed production and industrial processing, among others, is commendable and fully aligns with the Renewed Hope Agenda of President Tinubu.

Senator Shettima stated this on Thursday when he received, on a courtesy visit to the Presidential Villa, a delegation from the ETG led by its Global Chief Operating Officer, Mr Niren Murugan.
“You have been in the country since 2010, but this time around, you have decided to play a more active role in Nigeria’s agricultural value chain. This is where the action is. We have the population and abundance of resources for your investments to thrive.
“All your investment decisions are wonderful. I am particularly thrilled by your interventions especially in seed development, oil processing, fertilizer blending, and agricultural extension services, among others. I commend the efforts of your team in Nigeria in the selection of locations for the proposed Centres of Excellence,” he stated.


The Vice President urged the company to explore the abundant opportunities across the country to expand its stakes in the country’s agricultural value chain, particularly in boosting food production.
Earlier, ETG’s Global COO, Murugan, said his visit was to inform the VP of the company’s investment portfolio in Nigeria, seek high-level alignment, secure government guidance and accelerate coordination with stakeholders in the public sectors across all levels.
He announced the take-off of the company’s expanded multi-million-dollar oil processing facility in Sagamu Ogun State by the second quarter of 2026, disclosing proposed investment pipelines in fertilizer blending, seed production and integrated agro-logistics, among others.
The COO also disclosed a collaboration to establish Centres of Agro-Excellence in seven states of Kaduna, Ebonyi, Cross River, Ekiti, Jigawa, Nasarawa and Borno to serve as regional hubs for the provision of inputs, mechanisation, storage, and primary processing, among others.
On his part, Cross River State Governor, Senator Bassey Otu, expressed the state’s readiness to collaborate with the conglomerate to harness the vast agricultural potentials of the state.
He said the state government has, on its part, carried sweeping reforms aimed at not only boosting agricultural productivity, but in building a sub-national economy that serves the rest of the country and gives the state an edge in revenue generation and food production.
Governor Otu also spoke about the state government’s vision to attract investments in port facilities, particularly the Bakassi Deep Seaport and Calabar Port projects.
“We can match your vision end-to-end. We have the land, the mineral resources and the enabling environment to make it happen,” the Governor assured the company.
Also present at the event were the company’s Business Manager in Nigeria, Mr Ogu Goodluck; ETG’s Senior Business Development Manager, Mr Bharat Shinde, and the company’s CFO, Amin Ahmad.
Agribusiness Conglomerate Targets Over 6,000 Jobs With Multi-million Dollar Investments In Nigeria
News
Nigerian Engineering Olympiad Launched to Strengthen Global Engineering Competitiveness
Nigerian Engineering Olympiad Launched to Strengthen Global Engineering Competitiveness
By: Michael Mike
The Nigerian Society of Engineers (NSE) has expressed commitment to bolstering engineering education in the country through linking academia with industry sector to bring about meaningful growth in Nigeria.
Nigeria while announcing a bold step toward strengthening its global engineering competitiveness with the launch of the maiden Nigerian Engineering Olympiad (NEO), an initiative the Nigerian Society of Engineers (NSE), expressed willingness to transform university inventions into market-ready technologies capable of advancing national development.
Speaking during inauguration of the maiden Nigerian Engineering Olympiad (NEO), a national programme designed to identify, nurture, and commercialise engineering talent across tertiary institutions, the President of NSE, Margaret Oguntala, disclosed that the Olympiad aims at tackling pressing needs in infrastructure, manufacturing, energy transition, sustainability, and digital technology, as ultimate goal to produce a generation of job creating engineers, problem solvers, and globally competitive innovators.
The Nigerian Engineering Olympiad was organised by Enactus Nigeria in partnership with NSE, Nigerian Content Development and Monitoring Board (NCDMB), Renaissance Africa Energy Company (RAEC), and the First Exploration and Petroleum Development Company (FIRST E&P).
Oguntala said, “As the foremost Engineering professional body, NSE believes that the addition of new ideas is critical for professional development and community impact.
“Every great invention in history began with an idea. All the transformations humanity has seen from the steam engine, to towering skyscrapers, electricity, internet, and artificial intelligence started as ideas acted upon.
“Ideas do shape the world. The power of ideas in transforming societies cannot be overemphasised; indeed, great nations have stood on the shoulders of men and women of ideas to advance growth and development.
“Nigeria is brimming with such creative minds in our universities. In our quest to turn technological development as a nation, NEO offers dynamic platform for students to unleash innovative capacity, as collective effort to create environment where ideation can truly thrive.”
Oguntala, also Chairman-in-Council of the NSE, stressed the need for stakeholders from across government agencies, academia, industry leaders and media to prioritise NEO.
According to her, the Olympiad creates a structured pipeline—regional contests, prototype bootcamps, iterative design, product validation, intellectual property support and a national finale in April 2026—designed to take ideas from concept to commercialization.
She described the Olympiad as “a national innovation incubator” that will provide mentorship, seed funding and technical guidance to the top teams.
Oguntala also highlighted NSE’s recent $17.4 million partnership with MIDAS IT of India to supply advanced engineering design software to 15 universities, a step she said would “strengthen academic excellence and prepare young engineers for global competitiveness.”
She reiterated that the Olympiad reflects Nigeria’s determination to elevate its technological capacity and compete on a global scale.

She said: “Today, we ignite a spark that will light the way for Nigeria’s engineering future. The innovations born from this Olympiad could become the solutions that drive our industries, improve our infrastructure and uplift our communities.”
In a remark, Executive-Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Omatsola Ogbe commended Olympiad for aligning with the Federal Government’s policy drive for indigenous innovation and industrial competitiveness.
Ogbe, represented by Director Capacity Building of NCDMB, Abayomi Bamidele explained ongoing capacity building programmes in petroleum engineering, robotics, digital technology, and advanced technical disciplines efforts would help to reinforce the Olympiad’s talent pipeline.
He disclosed that industry surveys showed not less than 79 per cent of engineering graduates lacked practical and hands-on competencies aligned with global standards a challenge NCDMB says must be addressed urgently.
According to him, engineering skills deficit contributed to shortage of competent local engineers, heavy reliance on expatriates, and increasing brain drain
“Nigeria has a population exceeding 237 million people, nearly half of West Africa, yet only about 5 per cent of our engineering graduates are industry ready at graduation.
“This Olympiad provides a structured pathway to identify and support young innovators who can design solutions for our national challenges,” he said.
For his part, Enactus Nigeria’s Country Director, Michael Ajayi, said that national-scale impact can only come from strong collaboration across government, private sector, and civil society.
Ajayi said: “This partnership proves that when we combine policy support, private-sector systems, and nonprofit expertise, we can deliver transformational impact not just for individuals, but for entire industries.
“Olympiad’s objectives include encouraging students to apply classroom knowledge to real-life problem-solving and enabling them to build engineering-driven businesses that generate jobs and wealth.”
He disclosed that the Olympiad was designed to run a seven-month cycle and will feature regional contests, intensive mentorship, prototype development, and a national grand finale scheduled to hold in April 2026.
First E&P’s General Manager for Integrated Gas Development, Yetunde Taiwo, said the company’s involvement stems from a commitment to innovation and talent development.
She said: “Our core values are around fostering talent, innovation and entrepreneurship. Some of the perennial challenges we see in the industry can actually be solved by these very bright young minds.”
She added that engaging students early with real industry problems could help reduce brain drain by creating clear pathways into the workforce.

Representing Renaissance Africa Energy Company, Nigerian content manager Olanrewaju Olawunyi said their support reflects a longstanding commitment to developing human capital.
“We are made in Nigeria, we’re built for Africa. We invest in people. People are our biggest resource.”
He noted that Renaissance funds STEM education from primary to tertiary levels and runs fully funded scholarships—including sending candidates from the Niger Delta overseas for postgraduate studies.
“This is not just a flash. All our programs are annual and fully funded, and we also pay students during internships.”
On behalf of the Minister of Youth Development, Technical Adviser Ebiho Agun said the Olympiad aligns fully with government priorities and the nation’s long-term workforce needs.
“It provides young minds with the opportunity to stretch their imagination, deepen technical abilities, and demonstrate excellence on a national and international stage,” he said.
He described the initiative as “a catalyst for mentorship, discovery and long-term career development,” urging participants to seize the opportunity: “You are the heartbeat of Nigeria’s future. remain steadfast in your pursuit of excellence.”
Nigerian Engineering Olympiad Launched to Strengthen Global Engineering Competitiveness
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