CBN to retire 1,000 workers, focuses on contactless payment systems - Newstrends
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CBN to retire 1,000 workers, focuses on contactless payment systems

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CBN to retire 1,000 workers, focuses on contactless payment systems

To safeguard Nigeria’s financial system, nurse the economy back to good health and restore investor confidence, the Central Bank of Nigeria (CBN) has issued a stern warning to banks and other culprits of anti-money laundering (AML) and counter-terrorism financing (CTF) regulations violations to live above board or face unpalatable consequences.

To whip them into line and insulate the economy from further vandalism, the apex bank has mandated a comprehensive overhaul of governance and compliance frameworks across all financial institutions, which would be subjected to regulatory scrutiny by 2025.

Speaking at the 59th Annual Bankers’ Dinner in Lagos at the weekend where he unveiled the CBN’s 2025 policy agenda, the Governor, Dr Yemi Cardoso, highlighted the need for structural reforms to prevent further economic setbacks.

While emphasising the need for stricter adherence to regulatory standards, he noted that as part of the CBN’s enforcement drive, 29 Deposit Money Banks (DMBs) were fined a total of N15 billion for failing to comply with AML/CTF requirements. These penalties, be stated, reflect the apex bank’s unflinching determination to fostering transparency and accountability within the financial sector while deterring illicit financial activities.

Cardoso, while addressing the governance lapses, also shed light on the wider economic consequences of systemic inefficiencies.

He revealed that Nigeria incurred a huge loss of N6.2 trillion in 2022 due to distortions in the foreign exchange (FX) market and restrictive policies that stifled economic activities.

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He added that the FX challenges, compounded by inadequate policy implementation, created an environment of uncertainty that undermined investor confidence and stymied growth across critical sectors.

Cardoso emphasised that addressing these issues requires a multifaceted approach, starting with robust reforms in the financial sector and proactive measures to stabilise the FX market.

He outlined the CBN’s  policy agenda for 2025, which aims to recalibrate the regulatory landscape, restore market confidence and promote sustainable economic development.

He said: “Historically, the industry has struggled with recurring issues, but we are confident that this approach will help change that narrative. A bank that prioritises compliance does more than protect itself, it strengthens the entire financial ecosystem. It directs financial resources toward growth, innovation, and prosperity rather than crime and corruption. Together, we must exceed standards, demonstrating to the public and the world that we are stewards of integrity and trust”.

He revealed that to further enhance the functionality of the foreign exchange market, the apex bank is introducing an electronic FX matching system, which has proven effective in other markets.

Cardoso said, “The current dollar exchange rate reflects the price that the most desperate buyers are willing to pay, and this does not represent the true market value of the naira.

“The introduction of the electronic matching system will correct these distortions by enhancing the price discovery process. Additionally, it will significantly boost the Central Bank’s oversight and intervention capabilities, ensuring a more stable and transparent foreign exchange market”.

The CBN governor noted that the CBN was aware of payment delays and has encouraged customers to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.

Among the policy thrusts the governor listed include; the ambitious target to achieve 80% financial inclusion by 2026, implementation of its open banking framework, advancing contactless payment systems, and expanding its regulatory sandbox and exiting the FATF grey list by the second quarter (Q2) of 2025, which he assured that the CBN remains committed towards achieving despite higher interest rates and rising inflation.

Economic analysts have praised the CBN’s actions as a critical step toward rebuilding Nigeria’s financial integrity.

 

CBN to retire 1,000 workers, focuses on contactless payment systems

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Deputy Director’s Death: NLC Shuts Delta Secretariat, Begins Indefinite Strike

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Deputy Director’s Death: NLC Shuts Delta Secretariat, Begins Indefinite Strike

Deputy Director’s Death: NLC Shuts Delta Secretariat, Begins Indefinite Strike

The Nigeria Labour Congress (NLC) has declared an indefinite strike in Delta State following the death of Unity Ekpevbughe Adeda, a Deputy Director in the state Ministry of Basic and Secondary Education.

The decision followed growing tension among workers over the circumstances surrounding Adeda’s death at the Prof. Chike Odozien Secretariat in Asaba, with organised labour demanding a thorough investigation and assurances over the safety of workers in government offices.

The Delta State NLC, led by Goodluck Ofobruku, directed workers to withdraw their services indefinitely as it protested the death and demanded accountability over what it described as an unacceptable incident involving a public servant.

The development led to the shutdown of the state secretariat, with workers staying away from their offices as the labour union escalated its response.

The circumstances surrounding Adeda’s death remain the subject of investigations, with different accounts emerging over what happened before the Deputy Director died.

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Labour-linked accounts alleged that Adeda was assaulted during a confrontation at the secretariat. However, Delta State Commissioner for Basic and Secondary Education, Kingsley Ashibogwu, denied ordering anyone to attack the deceased.

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Ashibogwu also gave a different account of the incident, alleging that Adeda physically confronted him.

The conflicting accounts have heightened calls for an impartial investigation to establish what happened and determine whether anyone bears responsibility for the Deputy Director’s death.

The Nigeria Police Force has commenced an investigation and arrested Lucky Adoh in connection with the incident.

Police also declared a manhunt for Enos Attah and Oputa Okestine, who were identified as persons allegedly connected to the incident.

Investigators are expected to examine available video recordings, eyewitness accounts and medical records as part of efforts to establish the sequence of events and circumstances surrounding Adeda’s death.

The Delta State Government has also established an eight-member Administrative Panel of Inquiry to investigate the incident.

The panel is chaired by Charity Ehimen, Permanent Secretary in the Office of the Head of Service, and includes representatives of the NLC, Trade Union Congress (TUC) and Joint Negotiating Council.

The panel has been given two weeks to submit its report and findings.

The government’s decision to constitute the panel followed the escalation of the dispute and the labour union’s declaration of an indefinite strike.

The investigation is expected to determine what happened before Adeda’s death, the circumstances surrounding the confrontation reportedly involving him and other individuals, and whether any action or omission contributed to his death.

As of the latest reports, there has been no conclusive official finding establishing the cause of Adeda’s death or confirming allegations of a fatal assault.

The police investigation and the administrative inquiry are therefore expected to provide separate but complementary findings on the incident.

The Delta NLC strike will remain in force pending further developments, while workers and organised labour await the outcome of the investigations into the death of the Deputy Director.

Deputy Director’s Death: NLC Shuts Delta Secretariat, Begins Indefinite Strike

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Woman Busted With Alleged Alcohol Hidden in Water Pack at Ogun Prison

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Woman Busted With Alleged Alcohol Hidden in Water Pack at Ogun Prison

Woman Busted With Alleged Alcohol Hidden in Water Pack at Ogun Prison

A woman identified as Shobowale Balikis has been arrested for allegedly attempting to smuggle alcohol into the Ibara Custodial Centre in Abeokuta, Ogun State, the Nigerian Correctional Service (NCoS) has said.

Balikis was reportedly arrested on Saturday, September 26, 2026, during routine screening at the custodial facility.

According to the Ogun State Command of the Nigerian Correctional Service, the incident occurred at about 3:50 p.m. when correctional officers subjected items brought into the facility to security checks.

During the screening, officers allegedly discovered a substance identified as ethanol concealed inside a bottled-water pack. The item was reportedly intended for an inmate at the facility.

The NCoS said the interception prevented the suspected contraband from getting into the custodial centre and reaching inmates.

Following the arrest, Balikis was handed over to the Nigeria Police Force for further investigation and possible prosecution.

The correctional service said the development underscored its commitment to preventing the introduction of prohibited substances and other unauthorised items into custodial facilities.

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The command reiterated its zero-tolerance policy on contraband, stressing that visitors and other persons seeking access to custodial centres are subjected to screening procedures.

The latest incident comes weeks after another woman was arrested at the same Ibara Custodial Centre over an alleged attempt to smuggle a suspected psychoactive substance into the facility.

In that case, Iyabo Sowunmi was reportedly arrested during a screening exercise after officers allegedly found a substance suspected to be “Colos” concealed in a sachet of Milo beverage. She was subsequently handed over to the National Drug Law Enforcement Agency (NDLEA) for investigation.

The August incident reportedly involved a visit to an inmate identified as Dare Sowunmi, who was said to be on death row.

The two incidents highlight the continuing security checks being carried out at the Abeokuta custodial facility to prevent drugs, alcohol and other prohibited items from reaching inmates.

However, authorities have not indicated that the two cases are connected, and there is no official information suggesting that Balikis was acting with any accomplice or that the latest incident involved the inmate linked to the earlier case.

The police investigation into the latest arrest is expected to determine the circumstances surrounding the alleged attempted introduction of ethanol into the Ogun custodial centre, including who the substance was intended for and whether any other person was involved.

Woman Busted With Alleged Alcohol Hidden in Water Pack at Ogun Prison

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Lagos Task Force Denies Stopping Driver Over Toyota Tacoma Inscription

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Lagos State Task ForceLagos State Task Force

Lagos Task Force Denies Stopping Driver Over Toyota Tacoma Inscription

The Lagos State Environmental and Special Offences Enforcement Unit, popularly known as the Lagos State Task Force, has denied stopping a motorist or demanding a permit over an inscription displayed on his Toyota Tacoma.

The denial followed a viral social media video shared by Jay Scotch Automobile Ltd, in which the driver alleged that officials stopped him over the words “TRD 4×4 Sport Tacoma” displayed on his vehicle.

The motorist claimed the officials treated the inscription as an advertisement requiring a government permit. He further alleged that they threatened to damage the vehicle’s side mirror if he failed to produce the required permit.

He disputed the demand, explaining that the inscription was part of the vehicle when he purchased it in the United States and was not an advertisement subsequently placed on the vehicle in Lagos.

However, the Task Force distanced itself from the incident.

The agency’s Director of Press and Public Affairs, Raheem Gbadeyanka, said residents sometimes mistake personnel from different government agencies for Task Force operatives, particularly when officers are wearing similar uniforms.

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Gbadeyanka said the Task Force was not involved in the encounter and maintained that demanding a permit for a vehicle inscription was outside the agency’s mandate.

The controversy has nevertheless drawn attention to Lagos regulations governing vehicle branding and mobile advertising.

The Lagos State Signage and Advertisement Agency (LASAA) is responsible for regulating signage and advertising in the state, including mobile advertising and branding on vehicles. Its regulatory framework covers various vehicle categories, including cars, pickups, SUVs, buses and trucks.

LASAA also operates systems for registering and verifying authorised vehicle branding, while its published fee structure contains different categories for mobile advertisements and vehicle branding.

The distinction means that the Task Force’s denial does not amount to a blanket exemption for vehicle advertising or commercial branding in Lagos. Rather, the agency is disputing responsibility for the particular encounter and says enforcement of such permits is not within its mandate.

The Task Force has continued to enforce other road, environmental and public-safety regulations across Lagos, including restrictions affecting commercial motorcycles, road obstructions, illegal roadside activities and unauthorised use of restricted traffic corridors.

The incident has therefore raised a separate question of agency jurisdiction, particularly over which government body is authorised to enforce regulations concerning inscriptions, branding or advertisements displayed on private vehicles.

For now, the motorist’s account and the Task Force’s denial remain the two publicly stated versions of the encounter. No independent evidence has been publicly presented to establish that Task Force officials stopped the driver specifically because of the inscription.

Lagos Task Force Denies Stopping Driver Over Toyota Tacoma Inscription

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