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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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Reflection…DEVELOPMENT IN THE NORTH: WHAT WENT WRONG?

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Reflection…DEVELOPMENT IN THE NORTH: WHAT WENT WRONG?

BY: YUSUF ADAMU

Growing up as an ‘almajiri’ boy in the early 60s, I was not subjected to the harsh condition being faced by many ‘almajiris’, I see today roaming the street in many northern states. I was living in my father’s house and only go to attend my Qur’anic School. The beauty of it all, ‘almajiris’, in those days, the ‘almajiri’ boy begs in the name of God (Ala’ro). Today, ‘almajiris’, no longer beg using the name of God. All they would say is, ‘we are hungry or we want money.

Recently, I was pondering on issues surrounding the backwardness of my dear North’. In every thing regarding development of this region, once great and mighty. While I was wondering on these issues, I was again confused following my brief chat with an ‘almajiri’ boy in between hours of my long day of worry over so many thing I could not give myself the answer that fetches any relief for me.

In my brief discussion with this lad, I ask him about his background and why at is aged, he was not living in his father’s house. His answers points to poverty, which is the only reasons an typical northerner can give in defense of his present circumstance. “I am from Katsina state, my father, Malam Garba Fori, is not working. My mother, is a petty trader – selling ‘Awara’.” He said.

Indeed, this pointed to nothing but poverty. But why are so many northern elites seemed relax with such an army of wanderers on every street in the north. Is it that, we have forgotten about our social responsibilities as a region?

After the Korean war, South Korea was one of the world’s poorest countries with only $64 per capita income. Economically, in the 1960s it lagged behind the Democratic Republic of the Congo (DRC) – currently holding
elections marred by violence . Since then the country’s fortunes have diverged spectacularly. South Korea now belongs to the rich man’s club, the OECD development assistance committee (DAC). The DRC has gone backwards since independence and, out of 187 countries, ranked bottom in the 2011 Human Development Index.

Thirty -five years ago, China’ s per capita income was only one- third of that of sub – Sahara Africa . Today , China is the world ‘ s largest manufacturing powerhouse : It produces nearly 50 percent of the world ‘ s major industrial goods , including crude steel (800 percent of the U .S . level and 50 percent of global supply ) , cement (60 percent of the world ‘ s production ) , coal ( 50 percent of the world ‘ s production ) , vehicles ( more than 25 percent of global supply ) and industrial patent applications ( about 150 percent of the U .S . level ) . China is also the world ‘ s largest producer of ships, high -speed trains , robots, tunnels , bridges , highways, chemical fibers , machine tools , computers , cellphones , etc.

China ‘ s industrial revolution , which started 35 years ago, is perhaps one of the most important economic and geopolitical phenomena since the original Industrial Revolution 250 years ago. The reason is simple : Less than 10 percent of the world ‘ s population is fully industrialized ; if China can successfully finish its industrialization, an additional 20 percent of the world ‘ s population will be entering modern times . Along the way , China is igniting new growth across Asia , Latin America, Africa and even the industrial West , thanks to the country ‘ s colossal demand for raw materials , energy , trade and capital flows .
China ‘ s rapid growth has puzzled many people, including economists .

Production of natural rubber is concentrated in a few developing countries, with Malaysia, Indonesia, Thailand, Sri Lanka and India accounting for a substantial volume of the world’s exports. Rubber is easily grown in hilly terrain, and has been successfully established in degraded deforested areas, leading to improved land use and a reduction of erosion, siltation and flooding. Productivity has been enormously increased through improved varieties (including better quality rootstocks) and innovations in agronomic practices, including exploitation methods (e.g. low intensity tapping with chemical stimulation to optimize productivity), advanced planting material and micro-tapping (to reduce immaturity period), and other innovations such as high intensity planting.

Palm oil production in Asia amounts to more than half of world production, with Malaysia, Indonesia and now Thailand accounting for the major share. Much progress has been made, particularly in Malaysia, in the addition of value to their products through further processing of palm oil into semi-finished and finished products. Oil palm is the most efficient producer of vegetable oils (500 percent better than soya beans), giving it greater resilience to adverse price changes.

There are prospects of even higher productivity now that improved varieties (clonal planting material) have been introduced, with a good possibility that oil quality characteristics will improve. Over the years there has been expansion of oil palm areas and intensification of downstream processing activities, largely with import substitution objectives.

Coconut is another major perennial oil crop in Asia, accounting for more than two-thirds of the world’s production. Major coconut producers are the Philippines, Indonesia, India, Malaysia and Sri Lanka. Coconut plantations in the region are characterized by low productivity, though efforts were made in the 1980s to improve productivity gains through the introduction of improved varieties (hybrid planting material), better use of inputs, and inter-cropping (including livestock).

In most countries, at present, marketing structures focus on oil extraction and by-product utilization. Considerable initiatives have been made to enhance productivity through improved input use, expansion of processing facilities and support of extension and research institutions.

After the Nigerian civil war, the Igbo’s were given stipend to start their lives all over, and today, the Igbo’s are the movers and shakers of the Nigeria’s economy. The north, in the 60s compare to all the countries mention above is greater. With purposeful leadership, the north is known for its farming and an upcoming revolution in agriculture, commerce and trade. However, so sad that, today, the north is reduce to a begged region. So, the question is, what went wrong?

Reflection…DEVELOPMENT IN THE NORTH: WHAT WENT WRONG?

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NSCDC Dismantles Rivers Bunkering Site

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NSCDC Dismantles Rivers Bunkering Site

By: Michael Mike

The Commandant General’s Special Intelligence Squad of the Nigeria Security and Civil Defence Corps has uncovered and dismantled an illegally constructed refining site with over 100,000 litres of stolen crude oil in Adobi settlement in Etche Local Government, Rivers State.

The Commander of the CG’s SIS, DC Dandaura Appolos while giving the brief hinted that the operational success was achieved through credible Intelligence that some suspects have vandalized a multinational company well head and connected galvanized metal pipes with large hoses thereby syphoning crude and processing it locally.

A statement on Saturday by the National Public Relations Officer of NSCDC, Babawale Afolabi, stated that the CG’s SIS immediately swung into action and upon arrival at the crime scene they uncovered several sites where massive illegal refining of stolen crude oil were carried out.

Appolos was quoted to have said: “Just as we valued and protect our informants, the information received are always treated with caution and prompt alertness; as soon as we arrived the suspect took to their heels but we were able to arrest one Godspower Oyibo (M) 32 years from Delta State who is now assisting us with further investigation”.

He disclosed that: “On the crime scene there were reservoirs cemented with trampoline and filled with approximately 100,000 litres of crude oil. While the following exhibits were sighted:

A Yellow Colour Robin EY 20 Pumping Machine, Galvanized metal pipes, long large hoses, Already Vandalized Well head, stolen crude worth 100,000 litres stored in reservoirs, calibrated surface tanks, processed AGO in cooking pots and metal buckets”.

He said: “The Rivers State Commandant, Basil Igwebueze has been approximately intimated with the development; we assure the public that the Corps will not be fatigued in the relentless war against vandalism and crude oil theft across the nation even as suspects arrested would have their time in Court after diligent investigation”.

NSCDC Dismantles Rivers Bunkering Site

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Troops barbecued 6 Boko Haram elements, recover weapons in Sambisa

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Troops barbecued 6 Boko Haram elements, recover weapons in Sambisa

By: Zagazola Makama

The Troops of Operation Desert Sanity III, Operation Hadin Kai, have nutrialised six Boko Haram terrorists after at their enclave in Lawanti in Sambisa Forest.

It was gathered that the troops in collaboration with a hybrid force and elements of Civilian Joint Task Force, successfully overran the terrorists’ stronghold after engaging the terrorists on May 17, 2024.

Zagazola Makama, understands that the insurgents fell under the overwhelming superior firepower of the troops, on their withdrawal route, while trying to ambush the troops.

The troops recovered some weapons belonging to the terrorist.

Troops barbecued 6 Boko Haram elements, recover weapons in Sambisa

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