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Breaking! At last, CBN Bows; Asks Banks to Accept N1000, N500 Notes

The Central Bank of Nigeria has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.
It, however, pegged the maximum amount the banks can collect at N500,000.
The CBN maintained that the old currencies were no more legal tender.
A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to the bank.
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A CBN official said, “Go to your bank but fill out the form before you go. Go with the reference code you generate. With your code, banks will collect it from you. But if it is more than 500,000, you will go to the CBN and deposit it.”
Earlier, the CBN opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code.
On Thursday, the CBN Governor, Godwin Emefiele, ordered the banks to make the old N200 notes available to Nigerians.
This was after the President, Major General Muhammadu Buhari (retd.), said the old N200 note would be legal tender till April 10, 2023, while urging Nigerians to deposit their old N500 and 1000 notes with the CBN.
However, protests which had been rocking different states over the scarcity of the new naira notes made the CBN order banks to collect higher denominations after meeting with banks’ leaders.
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Obi lied, I blocked him from visiting IDP camp for lack of courtesy – Alia

Obi lied, I blocked him from visiting IDP camp for lack of courtesy – Alia
Peter Obi and Governor Hyacinth Alia has given a reason for his blocking major opposition figure Peter Obi from visiting the IDP camp in Benue.
Mr Alia accused the Labour Party leader of violating standard protocols by failing to inform the governor ahead of his visit as courtesy demands.
Mr Alia, in an interview with TVC on Thursday, said Mr Obi was blocked from visiting the Benue IDP camp because his “intention” was unknown, and he violated protocols by not informing him in advance.
“A very respected Peter Obi was a governor. If you are coming into someone’s state, there are protocols. Very high personality; you are coming into someone’s state, and your party does not even know you are coming.
“I, the sitting governor, did not know you were coming. Then you are going into where I’m protecting even the most, the IDP camp. It’s my duty to protect them. They’ve been displaced. I need to protect them even some more. I don’t know the intent you have,” Mr Alia explained.
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He added, “Is it not courteous enough for me to know as a sitting governor and even to provide more security to you and prepare the minds of the IDPs that a guest is coming to visit them?”
The governor denied claims that he was unreachable when the former Anambra called to inform him of his visit.
“No, that’s not the right narrative. I can never politicise that. I’m the one bearing the brunt, pain and sorrows of the IDPs in my state,” Mr Alia stated. “No. That’s not the true story. If he (Mr Obi) couldn’t reach me, I have a chief of staff, I have an SSG, (and) I have a PPS. That’s not true.”
Last week, Mr Alia said he could not guarantee the safety of any individual or group visiting Benue without his knowledge or clearance, barring Mr Obi from visiting the state.
However, Mr Obi expressed displeasure at how Mr Alia’s government allegedly politicised his planned visit to the troubled Benue.
Obi lied, I blocked him from visiting IDP camp for lack of courtesy – Alia
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Zulum meets with Cameroonian troops after deadly Boko Haram attack in Wulgo

Zulum meets with Cameroonian troops after deadly Boko Haram attack in Wulgo
Governor of Borno State, Babagana Zulum, has expressed his deepest condolences to the Multinational Joint Task Force (MNJTF) following the recent Boko Haram assault in Wulgo, a border town with Cameroon.
Governor Zulum made the visit on Thursday to Cameroonian troops under Sector 1 of the MNJTF, where he also extended sympathies to both the government and citizens of Cameroon over the devastating attack.
In Wulgo, located roughly 15 kilometers from Gamboru Ngala, the Governor was welcomed by Major General Godwin Michael Mutkut, the Force Commander of the MNJTF.
“I am here to commiserate with you, and with the government and people of the Republic of Cameroon, over the recent unfortunate incident. I wish to salute your bravery and unwavering commitment to safeguarding lives and property in the region,” stated Governor Zulum.
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The Governor also reaffirmed Nigeria’s commitment to supporting the MNJTF and Cameroon in their fight against terrorism and insurgency in the Lake Chad region.
“The Government of Nigeria will explore all possible avenues to complement the efforts of the Multinational Joint Task Force and the government of Cameroon to bring lasting stability to the Lake Chad basin,” he assured.
Alongside the Federal Government’s support, Governor Zulum pledged additional assistance from Borno State to the troops operating in the region.
The Governor was accompanied by Senator Kaka Shehu Lawan of Borno Central, Special Advisers Hon. Idrissa Jidda and Hon. Mustapha Dalatu, Hon. Yuguda Saleh Vungas, Chairman of the Borno State Social Investment Programme, the Chairman of Ngala Local Government Area, and his Principal Private Secretary.
Zulum meets with Cameroonian troops after deadly Boko Haram attack in Wulgo
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Tribunal upholds Nigerian government $220m fine against Facebook, WhatsApp

Tribunal upholds Nigerian government $220m fine against Facebook, WhatsApp
The Competition and Consumer Protection Tribunal on Friday delivered its judgment in the appeal filed by Meta Platforms Incorporated (Facebook) and WhatsApp LLC against the Federal Competition and Consumer Protection Commission (FCCPC), affirming the Commission’s authority and actions in nearly all the contested issues.
A statement signed by Ondaje Ijagwu, Director, Corporate Affairs of FCCPC, said the Tribunal specifically determined that the Commission complied with prevailing laws, discharged its mandate, and exercised its powers within the confines of the 1999 Constitution (as amended).
It ruled that the multiple actions by WhatsApp and Meta, for which the Commission made findings of violations, were correctly identified, and that the Commission did not err in making those findings.
“In addition to upholding the major aspects of the FCCPC’s Final Order, the Tribunal awarded the sum of $220 million against Meta Platforms Incorporated and WhatsApp LLC as an administrative penalty, and further awarded $35,000 to the FCCPC as cost of investigation.
“The tribunal’s three-member panel was led by Honorable Thomas Okosun,” the statement said.
WhatsApp and Meta’s legal team was led by Professor Gbolahan Elias (SAN) while the FCCPC’s legal team was led by Mr. Babatunde Irukera. Both teams had made their final arguments on behalf of their respective clients on January 28, 2025.
PlatinumPost reports that FCCPC had on on July 19, 2024, issued a Final Order imposing a $220 million administrative penalty after concluding that the companies engaged in discriminatory and exploitative practices against Nigerian consumers.
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The case arose from a 38-month joint investigation initiated by the FCCPC and the Nigeria Data Protection Commission (NDPC) into the conduct, privacy practices, and consumer data policies of Meta Platforms and WhatsApp.
Dissatisfied with the Order last year, Meta and WhatsApp appealed to the Tribunal, challenging both the legal basis and the findings of the Commission.
While ruling on Meta’s appeal, the Tribunal also validated the Commission’s investigative procedures and processes.
The Tribunal resolved Issues 1 to 7 largely in favour of the FCCPC, dismissing the appellants’ objections to the Commission’s findings, orders, and legal competence.
One of the central issues (Issue 3) which alleged a breach of fair hearing, was decided in favour of the Commission, with the Tribunal affirming that the FCCPC fully discharged its quasi-judicial responsibilities by affording the appellants ample opportunity to respond.
The Tribunal found no violation of constitutional due process.
On Issue 4, which questioned the Commission’s powers in matters of data protection and privacy, the Tribunal held that the FCCPC acted within its statutory mandate, reaffirming its authority under Section 104 of the FCCPA to regulate competition and consumer protection even in regulated industries.
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On Issue 5, which challenged the Commission’s findings regarding Meta’s privacy policies, the tribunal also resolved in the FCCPC’s favour. The Tribunal found no error in the Commission’s conclusions and held that the privacy policy in question did, in fact, offend Nigerian law.
While Issue 7 was largely resolved in favour of the Commission, the Tribunal set aside Order 7 of the Commission’s Final Order, stating that it lacked sufficient legal basis.
While expressing delight at the landmark judgement, FCCPC Executive Vice Chairman/CEO, Mr. Tunji Bello, thanked the Commission’s legal team for their exceptional diligence and forensic skills in assembling evidence and marshalling their argument.
He restated FCCPC’s unwavering commitment to not only championing the rights of Nigerian consumers but also ensuring fair business practices in the country in accordance with FCCPA (2018) and consistent with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Tribunal upholds Nigerian government $220m fine against Facebook, WhatsApp
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