More opposition has come against the new policy of the Central Bank of Nigeria limiting daily and weekly cash withdrawal across the counter and automated teller machines with Point of Sale terminal operators and Lagos-based human rights lawyer, Femi Falana, vowing to sue the apex bank if it fails to withdraw the new policy.
The CBN has limited the over-the-counter cash withdrawals by individuals and companies to N100,000 and N500,000, respectively, per week.
The CBN had, in the memo introducing the policy, said third-party cheques above N50,000 would no longer be eligible for OTC payment while extant limits of N10m on clearing cheques still remained.
The circular also directed banks to load only N200 and lower denominations into their ATMs and restricted withdrawal to N20, 000 per day from ATMs. Withdrawals from PoS terminals were also limited to N20,000 daily.
The policy, which will become effective on January 9, 2023, had generated criticisms but the CBN clarified last Wednesday that PoS operators could apply for waivers.
However, Falana, on Monday, described the new cash withdrawal limit policy initiated by the CBN as unconstitutional.
As a result, he said would go ahead to sue the apex bank if its management failed to withdraw the new policy.
Falana in a statement titled, ‘Maximum withdrawal limit in Nigeria is N5m’ called on the President, Major General Muhammadu Buhari,(retd), to direct the apex bank to withdraw the ‘illegal guideline’.
According to him,, “ It is embarrassing that the Central Bank of Nigeria has been making announcements without any regard to the Constitution and other relevant laws on the national economy. It is particularly worrisome that the Governor of the Central Bank of Nigeria has purportedly placed a limitation on cash withdrawals in Nigeria in complete defiance of section 2 of the Money Laundering Act, 2022 which provides as follows:
“No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding (a)5,000,000 or its equivalent, in the case of an individual; or (b) N10,000,000 or its equivalent, in the case of a body corporate.
“A person shall not conduct two or more transactions separately with one or more financial institutions or designated non-financial businesses and professions with intent to (a) avoid the duty to report a transaction which should be reported under this Act ; and (b) breach the duty to disclose information under this act by any other means.
“Since the Money Laundering Act 2022 (which has fixed maximum cash withdrawal to N5 million) has not been amended, the limitation of cash withdrawal of not more than N20,000 per day and N100,000 per week fixed by the Central Bank of Nigeria is illegal, null and void in every material. We urge the Nigerian people to ignore the illegal announcement.
“However, we are compelled to call on President Muhammadu Buhari to direct the management of the CBN to withdraw the illegal guideline and stop announcing more policies that are designed to sentence poor citizens to more excruciating economic hardship”.
Impact on MSMEs
However, while speaking exclusively with one of our correspondents in Abuja, the legal luminary noted the impact of the policy on market men and women.
He said, “I read in The PUNCH newspapers of the number of PoS businesses that will be affected. Take a look at the effect on market women and others who sell wares. How many of them have PoS machines? How many of them will be willing to engage in bank transfers? Last week, I, despite being someone who is familiar with smartphones, made a cash transfer to someone, but the person called to tell me that he has not received the amount I sent.”
When asked if he would sue the CBN or the Federal Government over the policy, Falana said, “We have not got to that stage yet. I want them to reply to me first. Tell them I said it is not constitutional. If they fail to withdraw the order, then we will sue, that I can assure you.”
PoS operators join
In a related development, PoS operators, under the aegis of the Association of Mobile Money and Bank Agents of Nigeria, has said the association will engage the services of Falana’s chambers in the proposed legal suit against the CBN if the regulator fails to reverse the directive.
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Speaking in an exclusive interview with one of our correspondents, the National President of the association, Victor Olojo, said the PoS agents, through the association’s lawyer, Douglas Okojie, had concluded plans to initiate a legal suit on the development.
He said, “The first option is to write to Falana to represent AMMBAN in the legal action about to be initiated. While the second option is to get another lawyer to apply to the court, maybe after the suit has been filed, and make AMMBAN an interested party in the suit.”
Olojo further appealed to the CBN to give listening ears to the pleas of mobile money and bank agents, alongside Nigerians in general.
Bank customers waiting
Meanwhile, bank customers and MSMEs have said they are still awaiting the CBN to review the policy, which they had criticised last week.
The President, Bank Customers Association of Nigeria, Dr Uju Ogubunka, in an interview with our correspondent, however, said the body was not planning to sue the CBN on the policy.
He said, “We, at this point in time, have not considered and do not intend to go to court to challenge the policy issued by CBN. As it were, there is an understanding that the policy may be reviewed soon; that is, after what we consider this test-run. We await follow-up actions by the policy initiators.”
Also, the Chairman of the Nigerian Association of Small and Medium Enterprises, Prof Adebayo Adams, also said the association had no plans to go to court over the development.
He said, “We cannot go to court as we are also regulated by the government on one hand. The CBN is an institutional member of NASME, so we cannot do that. We are limited on that issue as we have engaged CBN at our top-level management.”
Gbajabiamila kicks
Meanwhile, the Speaker of the House of Representatives, Femi Gbajabiamila, has, again, criticised the controversial policy recently introduced by the Central Bank of Nigeria, which, among others, sets limits to cash withdrawals at deposit money banks and other financial institutions.
The House had, last Thursday, asked the CBN to suspend the policy’s launch until the lawmakers concluded their investigations.
The House had consequently summoned the Governor of the CBN, Godwin Emefiele, to come and explain the policy to the parliament. He is to appear before the lawmakers on Thursday.
Gbajabiamila expressed his views in his address at the second edition of the Distinguished Parliamentarians Lecture Series held in Abuja on Monday and organised by the National Institute for Legislative and Democratic Studies.
Gbajabiamila said, “Recently, the Central Bank of Nigeria announced a policy to redesign the Nigerian Naira and impose restrictions on cash transactions across the economy. The National Assembly has been inundated with petitions from citizens worried about the impact of the new policies on their businesses and concerned that the policy approach will not deliver its stated policy objectives. Many have pointed to the fact that in India where a similar policy was implemented beginning in 2016, the expected benefits haven’t materialised, yet there has been a pronounced contraction in the economy probably linked to the policy.
“Now, whatever the concerns about the policy may be, it should not be the normal course of things for such a profoundly impactful policy programme to be designed, approved and announced without any engagement with the legislature, or any attempt to seek the perspectives of the people’s representatives. Keep in mind, these are the very same people who will have to explain and answer for these policies in communities across the country.
“While each arm of government has its prerogatives and guards them jealously, our country cannot afford actions that set the stage for the competing objectives of different arms of government to descend into governance dysfunction and paralysing conflict.”
Pi-CNG boss: Clean mobility will cut transport cost, create jobs, power Nigeria’s economic growth
The Federal Government has declared that Nigeria’s transition to compressed natural gas (CNG) and electric vehicles (EVs) is no longer an environmental ambition but a critical economic strategy to slash transportation costs, strengthen energy security, create jobs and unlock new investments across the automotive value chain.
Making the declaration at the 3rd Nigeria Auto Industry Summit (NAISU) organised by the Nigeria Auto Journalists Association (NAJA) in Lagos, the Executive Chairman and Chief Executive Officer of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barrister Ismaeel Ahmed, said clean mobility had become a central pillar of President Bola Ahmed Tinubu’s transport and energy reforms.
Delivering a keynote address titled, “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” Ahmed said the Presidential Initiative was established to coordinate Nigeria’s transition to cleaner transportation by building a sustainable ecosystem for CNG and electric mobility.
He explained that the Initiative’s mandate extended beyond promoting alternative fuels to attracting investments, expanding refuelling and charging infrastructure, supporting vehicle conversion, strengthening local manufacturing, developing technical skills and boosting consumer confidence.
According to him, the programme was conceived following the removal of fuel subsidy to provide Nigerians with a practical and affordable transport alternative by leveraging the country’s abundant natural gas resources.
“Our focus from the beginning has been to build the foundation of a sustainable industry rather than pursue isolated interventions,” Ahmed said, noting that Pi-CNG & EV has worked closely with regulators, investors, vehicle manufacturers, conversion firms, financial institutions, development partners, transport unions and state governments.
Reviewing the Initiative’s achievements over the past two years, he said Nigeria’s CNG ecosystem has expanded rapidly, with more certified conversion centres established across the country and refuelling infrastructure growing through public and private sector investments.
He added that vehicle conversions have continued to rise as commercial transport operators and private motorists increasingly embrace the lower operating costs of CNG, while thousands of technicians have been trained to ensure safe and professional conversion services nationwide.
Ahmed also disclosed that strategic partnerships with financial institutions, energy companies, vehicle manufacturers and state governments are helping to improve access to financing, stimulate infrastructure development and accelerate the adoption of clean mobility solutions.
To strengthen safety and regulatory compliance, he announced the introduction of the Nigeria Gas Vehicle Monitoring System, which he said would enhance transparency, improve regulatory oversight and build public confidence in the conversion industry.
While acknowledging the remarkable progress recorded in CNG adoption, Ahmed stressed that the Initiative remains equally committed to advancing electric mobility, saying Nigeria’s long-term transport future would be powered by multiple clean-energy technologies.
He revealed that government is engaging manufacturers, investors and development partners on electric vehicle deployment, charging infrastructure, local assembly and policy reforms aimed at accelerating market growth.
Despite the progress, Ahmed identified infrastructure expansion, consumer financing, local manufacturing, technical capacity development, research, innovation and standardisation as key areas requiring sustained investment and collaboration.
He urged government agencies, investors, manufacturers, transport operators, financial institutions, development partners and the media to work together to overcome these challenges and build a sustainable clean mobility ecosystem.
Describing the media as a strategic partner, Ahmed called on members of the Nigeria Auto Journalists Association to intensify public education on the economic, environmental and technological benefits of clean mobility.
“The transition to clean mobility is as much an information challenge as it is an infrastructure challenge. Public understanding influences public acceptance, while market confidence is built on accurate, timely and responsible information,” he said.
He pledged deeper engagement with journalists through regular technical briefings, industry dialogues and improved access to credible data to combat misinformation and promote informed public discourse.
Ahmed said Pi-CNG & EV would continue expanding CNG infrastructure nationwide, strengthen the regulatory framework, support local manufacturing and vehicle conversion capacity, deepen financing partnerships and collaborate with stakeholders to build a commercially viable clean mobility industry.
According to him, the true measure of the Initiative’s success will not be the number of conversion centres or refuelling stations established, but its ability to reduce transport costs, improve energy security, generate employment, stimulate industrial growth and improve the quality of life of Nigerians.
He commended NAJA for providing a platform for robust industry dialogue, saying stronger collaboration among government, industry players and the media would be essential to accelerating Nigeria’s clean mobility transition.
Côte d’Ivoire woos Nigerian auto investors to regional mobility expo
Côte d’Ivoire is making a bold bid to become West Africa’s automotive and mobility hub with the launch of EQUIP AUTO Côte d’Ivoire, an international trade exhibition expected to attract more than 150 exhibitors and brands from across Europe, Asia and Africa in a move aimed at deepening regional trade and cross-border investment.
The maiden edition of the exhibition will hold from November 26 to 28, 2026, at the Abidjan Exhibition Centre, bringing together about 10,000 industry professionals, investors, policymakers and members of the public from across the automotive value chain.
Speaking at a press conference in Lagos on Wednesday, President of Interlinks Auto and MIWA AFRICA SARL, Mr. Luc Azilinon, described the event as a major milestone in expanding the globally recognised EQUIP AUTO brand into sub-Saharan Africa.
The briefing, held at the Radisson Blu Hotel, Victoria Island, was convened by the Managing Director/Chief Executive Officer of Promosalons Nigeria, Cameroon and Gabon, Mr. Akin Akinbola, whose organisation represents the organisers of EQUIP AUTO Côte d’Ivoire in Nigeria and Cameroon.
According to Azilinon, the exhibition is being organised through a collaboration between EQUIP AUTO Paris and MIWA AFRICA SARL and is designed to become West Africa’s leading business platform for mobility and the automotive industry.
He said the three-day event would feature exhibitions, thematic workshops, conferences, business-to-business and business-to-consumer meetings, product demonstrations and live vehicle testing.
The exhibition will cover passenger vehicles, light commercial vehicles, heavy-duty and industrial vehicles, transport, automotive aftermarket, agriculture and public works, reflecting the realities and growth potential of the West African market.
Azilinon disclosed that exhibitors are expected from Germany, France, Türkiye, Italy, Algeria, Nigeria, Cameroon, India, China, South Korea and Japan.
“Our ambition is to position EQUIP AUTO Côte d’Ivoire as the leading platform for developing business in West Africa by combining innovation with business opportunities and establishing the region as a strategic mobility hub for Africa,” he said.
He added that the event’s innovative B2B2C format would create a strategic meeting point for vehicle manufacturers, distributors, repairers, fleet operators and government agencies, while giving participants access to cutting-edge technologies and mobility solutions tailored to regional needs.
According to him, the exhibition is also expected to stimulate regional trade, strengthen cross-border partnerships, support the modernisation of automotive infrastructure and distribution networks, and facilitate the expansion of international companies into West African markets.
Explaining why Côte d’Ivoire was selected to host the inaugural edition, Azilinon cited the country’s political stability, investor-friendly environment, strategic infrastructure and growing economic influence within the Economic Community of West African States.
He noted that Côte d’Ivoire has maintained strong institutional stability following the 2025 elections, recorded major investments in transport, energy and construction, and hosts the Port of Abidjan, one of West Africa’s busiest maritime gateways.
He also pointed to the country’s robust economic performance, with a growth rate of 6.5 per cent in 2024, driven by agriculture, agribusiness, infrastructure and services.
The Ivorian Ambassador to Nigeria, Ambassador Kalilou Traoré, was represented at the event by Dr. Kaslime Kouassi, underscoring the country’s commitment to strengthening economic and commercial ties across the region through the automotive sector.
Obi Must Apologise, Pay ₦25,000 or Face FAAN Action — Keyamo Issues Ultimatum
The Minister of Aviation and Aerospace Development, Festus Keyamo, has issued a seven-day ultimatum to Nigeria Democratic Congress (NDC) presidential candidate Peter Obi, demanding a public apology and payment of a ₦25,000 fine over a parking violation at Abuja’s Nnamdi Azikiwe International Airport. Keyamo’s demand follows an internal investigation he ordered after Obi publicly claimed his vehicle was unjustly clamped as part of a political persecution campaign by the Federal Government. The minister released CCTV footage which he says contradicts Obi’s account, insisting the former Anambra governor violated airport regulations and then used his influence to evade the prescribed fine. In a statement posted on his X page, Keyamo declared that what had emerged was a clear case of an opposition candidate trying to whip up unnecessary sentiments for a wrong he and his driver committed.
According to the minister’s detailed narrative, the incident occurred on July 4, 2026, and the CCTV footage tells a very specific story. Obi arrived at the domestic terminal at approximately 8:28 p.m., driven by a police officer, and entered the building with two other occupants. The police driver then parked the vehicle in a designated drop-off zone—almost blocking the entrance—and also left the vehicle unattended. The driver briefly returned at about 8:32 p.m. to retrieve an item but abandoned the vehicle again. Airport security personnel then clamped the tyres, with Keyamo insisting nobody knew the vehicle belonged to Obi at the time. When the driver discovered the clamp, he contacted Obi, who spoke with an airport manager and requested the vehicle’s release—which was granted without payment of the ₦25,000 fine. Keyamo emphasised that the vehicle remained unattended for about 30 minutes in a restricted zone, describing this as a security risk under global airport standards.
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However, the Peter Obi Media Office and the Obidient Movement have strongly rejected Keyamo’s narrative, accusing the minister of releasing poorly edited propaganda and manipulating CCTV footage to criminalise the opposition leader. They have raised several counter-claims that directly challenge the minister’s version of events. On the timing dispute, the Obidient Movement argues that timestamps on Keyamo’s own footage show Obi’s vehicle arriving at 20:28 and being clamped at approximately 20:34—six minutes, not thirty. The group accused Keyamo of zooming into the seconds display to confuse viewers into believing they were looking at the minute counter. On the identity of the driver, Obi’s spokesman, Idris Zekeri Jnr, stated that Peter Obi does not have any police or civil defence personnel attached to him in Abuja, challenging Keyamo’s reference to a “police driver”. Obi’s camp also claims the incident Keyamo publicised is entirely different from the one Obi narrated during his interview, suggesting a pattern of targeting the opposition figure. Furthermore, both the Obidient Movement and Obi’s media office insist other vehicles were parked in the same area without being clamped, pointing to selective enforcement targeting Obi. They also questioned why Keyamo showed no similar enthusiasm in investigating high-profile incidents involving Adams Oshiomhole and KWAM 1—known associates of the President.
The Presidency has weighed in on the matter, with presidential spokesman Bayo Onanuga backing Keyamo’s position. Onanuga stated that the evidence completely debunked Obi’s falsehood that he was unduly targeted and persecuted, insisting that he and his police driver broke a simple parking rule at the Airport.
Keyamo has made two formal demands, warning that failure to comply within seven days would prompt him to direct the Federal Airports Authority of Nigeria (FAAN) to take further action. First, Obi must tender an unreserved, public apology to the airport workers he accused of persecution. Second, Obi must voluntarily return to the airport and pay the ₦25,000 fine for wrongful parking, which he allegedly evaded through influence peddling. The minister declared that Obi cannot be bigger than the law.
Meanwhile, legal analyst Ekemini Udim, a Senior Partner at Justice Chambers, has questioned the minister’s authority to impose a fine, arguing that Keyamo is not a court of law. Udim cited a Court of Appeal decision which held that the Federal Road Safety Commission cannot impose fines without taking offenders before a magistrate’s court, arguing the same principle should apply to FAAN. Furthermore, he noted that under the principle of criminal liability, it is the person who commits the offence that should be made to pay for the offence—suggesting that if Obi was not the driver, he cannot be held personally liable.
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