Business
Governors to meet Buhari on naira withdrawal limit
- Say CBN’s policy will hurt rural dwellers
State governors have rejected the N100,000 cash withdrawal limit prt week imposed by the Central Bank of Nigeria (CBN) on bank custobers.
They feel the new policy will hurt the economy and rural dwellers in particular.
They also fear that the CBN action may set the masses against the administration of President Muhammadu Buhari.
They have therefore resolved to send a delegation to the President to direct the CBN to review the policy, according to an investigation by The Nation.
The Nigeria Governors Forum (NGF) met on Thursday in Abuja to deliberate on the matter and take appropriate decision. A source at the session said the governors also resolved to appeal to Buhari to retain the prevailing cash withdrawal limits in the country and extend the January 30th, 2023 deadline for the phasing out of the redesigned Naira notes.
“Our decision was across party lines. We were all united that the policy will adversely affect the poor in the rural areas which Buhari administration seeks to protect,” the source said.
He also said, “With likely job losses of about 1.4million by POS operators, there is no way the rural populace can survive this policy. It is like bringing down the ceiling on the economy.
“It is becoming ridiculous that some banks now issue out as low as N2,000 to a customer. Also, no matter how influential you are, banks may only give N200, 000 new notes under the table.
“As governors, we are closer to the grassroots more than the President. This policy may set the masses against Buhari. It is not a good exit package from a President who has enjoyed the confidence of the masses.”
Another governor also said, “We agreed to beg the President to have a rethink and retain the status quo cash limits to save the economy.
“Having tried his best to salvage this economy, no individual should ruin Buhari’s achievements with a stroke of the pen.
“The CBN policy is unpopular but those profiting from it do not want him to see the other side of the coin.”
A governor from the North-East said: “The NGF opted to send a delegation to the President to tell him our feelings and the implications of the CBN policy on the economy.
“For instance, we also recommended that the new notes should be in operation side by side with the old notes for about six months.
“There is too much confusion at the grassroots. It is just unfortunate that the CBN has led us to this level.
“In a country with low access to banks in rural areas and high illiteracy, how do you implement a cashless policy? Already, the middle class is gone and now some people somewhere are out to neutralise the poor class.
“The implication is that crime rate will be higher. Can we afford this? No.
“We want audience with the President. If possible, let the CBN Governor be there. We will lay all the cards on the table and what the nation should do to save the economy from collapse.”
Asked if the governors chose to gang up against the CBN because of lack of access to illicit funds for campaign, the source responded, “Not at all. Governors from all the parties opposed the policy at our meeting.
“We are talking of the survival of a country; you are attributing our position to the 2023 poll which will come and go.
“After the 2023 poll, the political class can effect changes in the CBN. So, at any point, those in charge of the apex bank cannot have the last laugh. There will be life after the elections.
“We believe that they have not told the truth to the President. The CBN’s action is anti-people but the President is pro-people. This is an indication that something is wrong somewhere.”
Some other Nigerians and institutions including the two chambers of the National Assembly had earlier asked the CBN to review the cash withdrawal limit policy immediately, citing the danger it portends for the economy and the generality of Nigerians.
On Friday the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) sent a petition to President Buhari calling for the suspension of the policy to save 1.4million bank agents from losing their means of livelihood.
On the same day the Arewa Consultative Forum (ACF) said in a statement that the CBN’s insistence on implementing the policy would lead to a catastrophic collapse of the informal sector of the economy.
The forum said while the CBN might mean well for the country with the policy, it “evidently failed to consider the unintended consequences of implementing it in the way they have planned; consequences that may be extremely grave.”
It said: “If the CBN insists on implementing this wholly unrealistic policy of restricting individual’s cash withdrawal from the banks to N20,000 per day and N100,000 for a week or N500,000 in the case of corporate bodies, it won’t be long before we suffer a catastrophic collapse of the informal sector of the economy. More than anyone, CBN knows that transactions in commodity markets especially in the rural areas are entirely cash based.
“The villager that brings to the market his chickens, beans, onions, goat or cows does not typically have a bank account or internet skills. Cash remains the overwhelming medium of exchange for much of the country particularly in the North. This should surprise no one as bank offices are largely unavailable even for people who are keen and have the skills to use them.
“Even by the CBN’s reports, over 38 million adults in Nigeria do not currently have access to banking services with “women, rural dwellers, Micro-Small and Medium-Sized Enterprises and Northern Nigeria” being among the most disproportionately excluded. And despite its pious pretensions, it is on record that the CBN under the present management, apparently out of desire to safeguard the interests of the commercial banks, has done much to undermine and stifle the progress of financial inclusion in Nigeria.
-The Nation (excluding headline and minimal editing}
Business
NCC Orders MTN, Other Telcos to Compensate Subscribers for Poor Network Service
NCC Orders MTN, Other Telcos to Compensate Subscribers for Poor Network Service
The Nigerian Communications Commission (NCC) has directed major mobile network operators (MNOs), including MTN, Airtel, Glo, and 9mobile, to compensate subscribers affected by poor network quality in areas where performance falls below regulatory standards. The move is part of a broader shift toward a consumer-focused approach aimed at protecting users and strengthening accountability in Nigeria’s telecommunications sector.
In a statement on Sunday, Nnenna Ukoha, Head of Public Affairs at the NCC, emphasized that subscribers should not bear the full burden of service disruptions caused by operators’ failure to meet prescribed benchmarks. She explained that compensation will be provided in the form of airtime credits, calculated based on subscribers’ average spending patterns and the duration of service outages in affected areas.
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“Erring operators will compensate affected users directly for breaches of quality of service key performance indicators within specified time frames,” Ukoha said. She added that while regulatory fines have traditionally served as a deterrent against poor service delivery, the commission is now adopting a more consumer-centric approach that ensures users directly benefit from enforcement actions.
Under the directive, tower companies and network providers are also required to reinvest fines and penalties into infrastructure upgrades, aimed at addressing coverage gaps and improving overall network quality. Subscribers are encouraged to report service interruptions to their operators and the NCC to ensure timely compensation.
Industry observers have welcomed the move, describing it as a significant step toward empowering telecom users, improving quality of service (QoS), and holding operators accountable for network performance failures. The NCC will monitor compliance closely and take further action against any operators that fail to meet the compensation and service standards.
NCC Orders MTN, Other Telcos to Compensate Subscribers for Poor Network Service
Auto
Motoring World marks 30 years, set to rally industry leaders in Lagos
Motoring World marks 30 years, set to rally industry leaders in Lagos
Motoring World, one of Nigeria’s foremost automotive publications, will celebrate its 30th anniversary on June 4, 2026, with a high-profile event at the MUSON Centre.
The milestone gathering is expected to draw policymakers, industry leaders, diplomats and innovators to commemorate three decades of impactful journalism, advocacy and contribution to the growth of Nigeria’s automotive sector.
Founded on June 12, 1996, as a syndicated radio magazine programme, Motoring World pioneered automotive broadcasting in Nigeria before expanding into print in 1998. It has since evolved into a multi-platform brand at the forefront of promoting industry development, modernization and policy reform.
Over the years, the publication has gone beyond news reporting to play an active role in shaping regulatory frameworks, encouraging local content development and promoting industry standards.
Publisher and Chief Executive Officer, Femi Owoeye, said the organisation was driven by a clear vision from inception.
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“Motoring World started with a simple vision: to give voice and structure to Nigeria’s automotive industry. Over the years, we have gone beyond reporting to actively advocate policies that support industry growth, local production and a more structured ecosystem,” he said.
Activities lined up for the anniversary include the unveiling of a special 30th anniversary edition of Motoring World magazine, chronicling the evolution, milestones and future of the industry. Distinguished stakeholders with three decades of contributions to the sector will also be honoured.
A keynote lecture titled, “Reporting the Road Ahead: Automotive Journalism as a Catalyst for Nigeria’s Auto Industry Development,” will underscore the critical role of the media in shaping the nation’s automotive landscape.
Dignitaries expected at the event include the Minister of Industry, Trade and Investment, Jumoke Oduwole; the Director-General of the National Automotive Design and Development Council, Oluwemimo Joseph Osanipin; state governors, transport commissioners and members of the diplomatic corps.
Owoeye noted that the anniversary represents more than a celebration.
“This is a tribute to resilience, strong partnerships and the collective drive that has sustained the industry. As we honour key players and reflect on our journey, we are also setting the tone for the next phase of mobility in Nigeria,” he added.
The event promises a blend of reflection, recognition and renewed commitment to advancing Nigeria’s automotive industry.
Motoring World marks 30 years, set to rally industry leaders in Lagos
Auto
Hyundai unveils flagship SUV Palisade, rolls out strong line-up in Lagos showcase
Hyundai unveils flagship SUV Palisade, rolls out strong line-up in Lagos showcase
Hyundai Nigeria has unveiled the all-new Hyundai Palisade in Lagos, headlining a media showcase that also featured the Hyundai Accent, Hyundai Creta, Hyundai Tucson and Hyundai Santa Fe, as the automaker intensifies its push across key segments of the Nigerian market.
The event, held at the company’s Victoria Island showroom, offered journalists a first-hand view of Hyundai’s expanding portfolio, ranging from entry-level sedans to premium three-row SUVs.
Taking centre stage was the debut of the Palisade, Hyundai’s flagship SUV, positioned to strengthen the brand’s foothold in the premium segment.
With its bold exterior styling, spacious three-row layout, upscale interior and advanced safety and convenience features, the model is targeted at families and executive buyers seeking comfort, space and strong road presence.
Across the line-up, Hyundai showcased a broad spectrum of offerings. The Santa Fe reinforces its appeal as a refined, family-oriented SUV with generous cabin space and premium detailing, while the Tucson stands out for its blend of modern design, practicality and everyday versatility.
In the compact SUV category, the Creta was highlighted for its mix of style, efficiency and urban functionality, while the Accent sedan retains its positioning as a practical and cost-effective option for young professionals, fleet operators and first-time buyers.
Speaking at the event, Brand Head, Hyundai Nigeria, Gaurav Vashisht, said the launch underscores the company’s commitment to deepening its footprint in Nigeria with globally competitive products adapted to local needs.
“This introduction of the all-new Palisade strengthens our premium SUV offering while complementing a well-rounded line-up that delivers on design, safety, innovation and everyday usability,” he said.
The showcase also provided an avenue for media interaction with Hyundai executives and product specialists, alongside detailed vehicle walkarounds covering design, technology and safety features.
Hyundai Nigeria reaffirmed its focus on delivering globally benchmarked vehicles with strong local relevance, even as competition intensifies in Nigeria’s evolving passenger vehicle market.
The event also marked the launch of Hyundai’s Easter campaign, offering customers value-added benefits such as complimentary delivery, accessories, registration and service packages.
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