News
Naira scarcity: CBN begins allocation of more cash to banks
The Central Bank of Nigeria (CBN) yesterday began cash allocation to banks to ease the scarcity.
A director confirmed the development to The Nation.
The source said the CBN felt the pains of Nigerians as the cash crunch bit harder.
“We also have family members who were affected by the lack of cash.”
Labour, which last week gave a seven-day ultimatum to the government to end the naira crisis, directed workers to stay off work and picket CBN offices in state capitals from Wednesday.
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The Supreme Court on March 3 ordered that the old and new N1000 and N500 notes should remain legal tender till December 31.
The CBN hesitated before beginning limited compliance with the order as cash scarcity persisted.
The governors that took the Federal Government to court threatened to initiate contempt proceedings against Attorney-General of the Federation Abubakar Malami and CBN Governor Godwin Emefiele.
The NLC lamented that its member could no longer pay transportation fares to work or for basic needs.
The CBN may have moved to forestall the likely economic consequences of a major strike.
Some bank staff confirmed to our correspondent that they got enough cash from the CBN to meet customers’ demands.
It was learnt that the old denominations were released late afternoon and early evening.
Bank sources said with the quantity of cash they had yesterday, customers can now withdraw as much as N100,000 for individuals and N500,000 for corporate bodies over the counter from today.
Disbursements from Automated Teller Machines (ATMs), however, remain uncertain.
It was unclear whether banks outside Abuja also now have enough cash.
Also yesterday, the House of Representatives asked the CBN to direct banks to immediately overhaul their online/electronic banking platforms for efficiency.
Adopting a motion at plenary, the House expressed concern about the difficulties in carrying our banking operations.
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A lawmaker, Sergius Ose Ogun, said many Nigerians have lost money to the inefficiency of the online/internet banking platforms.
He said Section 2 of the CBN Act saddles it with the duty of promoting a sound financial system in Nigeria.
Ogun said: “In the wake of the recent naira redesign and cash withdrawal limit policy of the CBN, there has been an increase in the use of online and electronic banking services to carry out monetary transactions across the country.
“The use of online or internet banking services by Nigerians in the past three months or thereabouts has been characterised by varying degrees of hitches ranging from unsuccessful electronic bank transfers, Point of Sale (POS) service failure and a host of others.
“The ineffectiveness or difficulty in using internet banking services across the online banking platforms of most banks has brought untold hardship, suffering and difficulties on Nigerians in the past three months.
“If nothing is done by the CBN and the banks to address these difficulties or ineffectiveness, Nigerians will continue to suffer untold hardships and loss of monies to unsuccessful electronic bank transactions.”
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News
Just in: Supreme Court Orders Final Forfeiture of Emefiele’s Assets, Ends Legal Battle
Just in: Supreme Court Orders Final Forfeiture of Emefiele’s Assets, Ends Legal Battle
The Supreme Court has brought an end to the legal battle over the assets linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, affirming their final forfeiture to the Federal Government.
In a unanimous judgment delivered by a five-member panel led by Justice Ibrahim Saulawa, the apex court overturned the decision of the Court of Appeal in Lagos, which had earlier nullified the forfeiture order and directed that the case be retried.
The Supreme Court held that the Court of Appeal erred in setting aside the judgment of the Federal High Court in Lagos, thereby restoring the lower court’s order for the final forfeiture of the properties.
The ruling effectively ends Emefiele’s challenge against the forfeiture order and marks another significant legal victory for the Economic and Financial Crimes Commission (EFCC) in its ongoing prosecution of high-profile corruption and financial crime cases.
The properties were among assets the EFCC alleged were acquired through proceeds of unlawful activities during Emefiele’s tenure as governor of the apex bank.
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Following its investigation, the anti-graft agency had approached the Federal High Court for their permanent forfeiture, a request the court granted.
However, Emefiele challenged the decision at the Court of Appeal, which set aside the forfeiture order and directed that the matter be heard afresh. Dissatisfied with that judgment, the EFCC appealed to the Supreme Court.
With Friday’s verdict, the apex court has reinstated the Federal High Court’s decision, bringing the protracted dispute over the ownership of the properties to a close.
Emefiele, who served as CBN Governor from 2014 until his suspension by President Bola Tinubu in June 2023, has since been facing multiple criminal charges bordering on alleged abuse of office, procurement fraud and financial misconduct.
He has consistently denied all the allegations against him. The Supreme Court’s latest decision is one of several legal developments arising from the investigations into his stewardship at the nation’s apex bank.
Just in: Supreme Court Orders Final Forfeiture of Emefiele’s Assets, Ends Legal Battle
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News
US House approves bill proposing 50% cut in aid to Nigeria over alleged Christian persecution
US House approves bill proposing 50% cut in aid to Nigeria over alleged Christian persecution
The United States House of Representatives has approved a key appropriations bill that proposes withholding 50% of certain U.S. assistance to Nigeria until the Nigerian government demonstrates measurable progress in protecting Christian communities from religiously motivated violence.
The provision is contained in the Fiscal Year 2027 National Security, Department of State, and Related Programs (NSRP) Appropriations Bill, which was passed by the House on Wednesday. The legislation allocates $47.32 billion in discretionary funding for diplomacy, national security and related programmes, representing a reduction of about $2.69 billion, or six per cent, from the FY2026 enacted level.
However, the proposal has not yet become U.S. law. It must still pass the remaining stages of the legislative process, including consideration by the Senate and presidential approval, before the aid restrictions can take effect.
Under the House-approved bill, 50% of eligible U.S. assistance to Nigeria would be withheld until the U.S. Secretary of State certifies that the Nigerian government has taken measurable steps to protect Christians affected by religiously motivated attacks and improve security in vulnerable communities.
The accompanying House Appropriations Committee report expressed concern over persistent violence in parts of Nigeria, particularly in the Middle Belt, and referenced the Palm Sunday massacre as one of the incidents highlighting the need for stronger government action against perpetrators of violence.
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The committee also urged Nigerian authorities to ensure accountability for those responsible for attacks on civilians and improve measures to safeguard communities affected by insecurity.
The provision was championed by Congressman Riley M. Moore, who argued that the measure is intended to pressure the Nigerian government to strengthen protection for Christian communities and improve its response to religious violence.
According to Moore, the legislation sends a clear message that the United States expects greater accountability while continuing to support victims of religious persecution around the world.
Beyond the proposed aid restrictions, the bill directs that funding under the Security Sector Programme/National Security Account be used to support efforts aimed at tackling insecurity in Nigeria’s Middle Belt, including attacks attributed in the committee report to Fulani militias.
The legislation also instructs the U.S. State Department to assess whether the Nigerian government is facilitating the safe return of internally displaced persons (IDPs) to their ancestral communities. The findings will form part of the certification process required before the withheld assistance can be released.
In addition, the State Department would be required to submit reports to Congress within 45 to 60 days detailing efforts to address violence against Christian communities, improve accountability for violations of religious freedom, and evaluate progress made by Nigerian authorities.
To reinforce these objectives, lawmakers proposed an additional $2 million under the International Narcotics Control and Law Enforcement account to support atrocity prevention initiatives, with part of the funding earmarked for programmes addressing violence in Nigeria’s Middle Belt.
The committee also encouraged stronger partnerships with Nigerian security agencies to improve professionalism, operational capacity and accountability in law enforcement as part of broader efforts to reduce insecurity.
Another provision directs the Secretary of State to assess the impact of Nigeria’s blasphemy laws in the annual International Religious Freedom Report, reflecting growing congressional interest in issues relating to religious liberty.
The broader appropriations package also includes provisions affecting global health funding, migration policy, foreign military financing and international broadcasting, in line with the United States’ evolving foreign policy priorities.
Supporters of the proposal argue that conditioning foreign assistance on measurable improvements in security and human rights will encourage stronger government action against violence.
However, analysts note that the proposal is likely to generate diplomatic discussions between Nigeria and the United States, with debates expected over its potential impact on humanitarian programmes, security cooperation and bilateral relations.
If eventually enacted, the measure could reshape aspects of U.S.-Nigeria relations, particularly in the areas of security assistance, religious freedom, human rights and counterterrorism cooperation.
US House approves bill proposing 50% cut in aid to Nigeria over alleged Christian persecution
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News
Senate passes Bill proposing N50,000 fine for preaching, hawking in commercial buses
Senate passes Bill proposing N50,000 fine for preaching, hawking in commercial buses
The Nigerian Senate has passed the Federal Road Safety Corps (FRSC) Amendment Bill, 2026, proposing significantly tougher penalties for traffic offences, including a N50,000 fine for individuals who preach, hawk or engage in trading inside commercial buses.
The landmark legislation, approved during plenary on Thursday, is part of ongoing efforts to strengthen road safety in Nigeria, improve compliance with traffic regulations and reduce the rising number of road crashes across the country.
However, the bill has not yet become law. It will only take legal effect after receiving presidential assent from President Bola Tinubu.
One of the most notable provisions of the proposed amendment is the introduction of a N50,000 fine for anyone found preaching, hawking or carrying out commercial activities inside commercial vehicles.
Lawmakers explained that such activities often distract drivers, obstruct passengers and increase the likelihood of road accidents, particularly in densely populated urban areas where commercial buses serve thousands of commuters daily.
The bill also introduces stricter sanctions for motorists who refuse to cooperate with Federal Road Safety Corps (FRSC) officials during roadside enforcement exercises.
Under the proposed law, any driver who declines to undergo a breathalyser test when reasonably suspected of driving under the influence of alcohol or drugs would face a N50,000 fine, six months’ imprisonment, or both upon conviction.
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The Senate further approved a substantial increase in penalties for driving under the influence of alcohol or intoxicating substances. If the bill receives presidential assent, offenders would be liable to a N100,000 fine, replacing the current N5,000 penalty, in addition to a possible two-year prison sentence or both.
The amendment also raises the punishment for violating traffic lights, road signs, pavement markings and other traffic control devices to N100,000, reflecting the government’s determination to improve discipline on Nigerian roads.
Motorists caught exceeding speed limits would equally face a N100,000 fine, replacing the existing N5,000 sanction.
Similarly, reckless driving would attract a N100,000 fine, imprisonment for up to two years, or both, depending on the severity of the offence.
According to the revised schedule attached to the legislation, the Senate reviewed 52 traffic offences, increasing penalties across most categories to reflect present-day economic realities and strengthen deterrence against dangerous road behaviour.
The amendment seeks to modernise the FRSC Act by expanding the enforcement powers of the corps, strengthening compliance with traffic regulations and improving public safety through stricter enforcement measures.
Road safety experts have repeatedly argued that many penalties under the existing law had become obsolete due to inflation and no longer served as effective deterrents against traffic violations.
Data from the Federal Road Safety Corps consistently identifies speeding, dangerous driving, drunk driving, driver distraction, overloading and disregard for traffic signs among the leading causes of road crashes in Nigeria, resulting in thousands of deaths and injuries every year.
Supporters of the amendment believe the proposed stiffer penalties will encourage greater compliance with traffic laws and ultimately reduce road accidents. However, some stakeholders have called for sustained public awareness campaigns, improved road infrastructure and fair enforcement to ensure the new penalties achieve their intended objectives without imposing undue hardship on road users.
The bill will now be transmitted to President Bola Tinubu for assent. If signed into law, it will introduce one of the most comprehensive overhauls of Nigeria’s traffic regulations in recent years, significantly increasing penalties for dozens of traffic-related offences while reinforcing the FRSC’s mandate to promote safer roads nationwide.
Senate passes Bill proposing N50,000 fine for preaching, hawking in commercial buses
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