Nigerian Man Takes $500,000 Cash to Deposit in a Bank, Causes Stirs – Newstrends
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Nigerian Man Takes $500,000 Cash to Deposit in a Bank, Causes Stirs

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Nigerian man counting dollar bills in a bank

A Nigerian man caused a stir in one of the new-generation banks when he went to deposit $500,000, approximately N200 million. The picture of the unidentified man circulated on social media has left many asking ‘God when.

A breach of Money Laundering Act?

The picture was taken in an unknown bank in Nigeria and has left many bewildered about why such an amount of dollars would be hoarded or kept by an individual.

It is not clear if the person had violated the money laundering act as Nigeria grapples with dollar scarcity which previously led to the crash of the naira. Last week, the Central Bank of Nigeria reportedly pulled $1.8 billion from the external reserves to shore up forex liquidity, leading to a decline of the reserves.

One person responded: “Don’t envy him. Do you know if he might be a kidnapper, terrorist or bandit? They are the ones rolling in ransom dollars now” 

Another said: “Continue to pretend. The money you asked someone to deposit into your Dorm account and instructed him to send pictorial evidence of payment.”

The recent glut of dollars in the market has been identified as the reason for the sudden appreciation of the naira. Analysts believe that many who hoarded the dollar in or converted their naira into dollars are flooding the markets with the US greenback.

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Abbas Yishau, a journalist with Radio Now in Kano, told Legit.ng that many hoarders are scared that some denominations of dollar bills beyond certain dates will be rejected.

According to Yishau, the rumour that the US cautioned that some of its denominations printed on certain years, especially those below 2021, won’t be accepted has spurred many into flooding the markets with the dollar. A currency trader in Lagos, Ishaya Abdul, said that currently, there are so many dollars in the market. He said many forex traders are disposing of the dollars as the purported threats by the US swirl around. He said:

“What is happening now is that most FX traders are releasing the dollars they have hoarded in the past. Right now, the dollar is crashing very fast.”

If there will be any time the naira will fall, Abdul said the current move by the Central Bank of Nigeria (CBN) to redesign banknotes is also partly why many are dumping the dollar and the naira in the market.

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Abdul said:

“After the CBN is done with the naira redesign, we will likely see the naira stabilise again. Already, the naira is devalued by CBN, so the sudden strength is probably artificial,” Abdul said.

The CBN has set December 15, 2022, as the date for introducing new naira notes and January 31, 2023, as the date for the cessation of old naira notes.

Claims the US would reject dollar bills below 2021 in 2023 is untrue

Legit.ng reported that the news comes amid fears that the Central Bank of Nigeria (CBN) plans to redesign certain banknotes denominations and render old ones useless and unacceptable by the end of January 2023. Due to the plans by the apex banks, there is a frantic rush for the US dollar as more Nigerians, especially those who have hoarded the local currency, seek to exchange them for the US dollar. According to the news, the US government has warned Nigerians and other nationals that it would not accept older dollar bills below certain years, especially the ones printed in 2021.

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Coscharis Motors clinches Nigeria’s Multi-Luxury Company Award as Range Rover Autobiography emerges Luxury SUV

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Mrs. Julie Chi - Nwaoha, Publisher, On the Highway Africa; Mr. Abiona Babarinde, General Manager, Marketing and Corporate Communications, Coscharis Group; Mr. Segun Sobogun, Marketing Communications Executive, Coscharis Group; Mr. Frank Kintum, Publisher, Transport Day during the presentation of the Multi - Luxury Company of the Year award to Coscharis Motors at this year’s Nigeria Auto Journalists Association annual awards night held recently at the Oriental hotels, Lagos.

Coscharis Motors clinches Nigeria’s Multi-Luxury Company Award as Range Rover Autobiography emerges Luxury SUV

 

It is a double honour for Coscharis Motors Plc, one of the subsidiaries of the respected conglomerate, Coscharis Group, as it was declared Multi-Luxury Company of the Year and one of its iconic luxury brands, Range Rover Autobiography, was adjudged the Nigeria’s Luxury SUV of the Year at the 2024 edition of the Nigeria Auto Journalists Association Awards.

The well attended event was held recently at the prestigious Oriental Hotels, Lagos.

Coscharis Motors, a household name in topnotch globally respected luxury automobile brands in Nigeria, has been the exclusive representative of the British iconic luxury brand of the Jaguar Land Rover and the German pride in the luxury segment of the BMW brand over many decades.

The company in 2023 added another new luxury brand from United Kingdom into the Nigeria market which is the Grenadier from the Ineos group in UK. The Grenadier is a brand new product globally which is equally being represented in Nigeria by Coscharis Motors as a new addition to its existing ‘House of luxury’ when it comes to automobile of repute.

The luxury SUV category was keenly contested with other tested luxury brands but the Range Rover Autobiography came tops, according to the organizers, after strong consideration of the market acceptance of the Autobiography in all ramifications.

The All New Range Rover Autobiography variant is revolutionary, reliable and a class on its own with its special appeal, style that resonates with its priority audience when it comes to luxury, class, comfort and performance.

Receiving the award on behalf of Coscharis Motors, the General Manager, Marketing and Corporate Communications, Coscharis Group, Mr. Abiona Babarinde, dedicated the award to all the Coscharis Motors customers, especially the luxury brand enthusiasts for their acceptability of all the luxury brands in the Portfolio namely the Jaguar Land Rover, BMW and the new Grenadier respectively as their preferred luxury automobile of choice.

He said, “These awards only reconfirm our expertise in delivering top notch luxury experience to our premium customers while maintaining the global standard of brand positioning to discerning customers in the ever dynamic Nigerian market.

“Representing these globally respected iconic brands over the years exclusively in Nigeria involves consistent delivering of value for money that involves the total luxury experience from the point of brand awareness to the purchase stage and the aftersales service experience to deliver the peace of mind required.”

Group Managing Director of Coscharis Motors Plc, Mr. Josiah Samuel, also dedicated the awards to the company’s ever loyal customers for their patronage and acceptance of the brands with a promise to continually create more value in the automobile industry in Nigeria.

He said, “There can’t be another best way to end the business year in 2024 than with these set of prestigious awards despite all the business challenges in the year and more importantly that the awards are coming from a very critical stakeholder / partner like the media.”

The award event attracted various stakeholders that are players in the automotive sector in Nigeria.

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Leadership by example: FRSC Corps Marshal leads field operations, patrol highways 

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L- R Hyginus Omeje , Assistant Corps Marshal, Operations, Bisi Kazeem, Deputy Corps Marshal rtd, and Shehu Mohammed , Corps Marshal, FRSC during the Corps Marshal's patrol operations visitation to Ondo State Sector Command, Akure, recently.

Leadership by example: FRSC Corps Marshal leads field operations, patrol highways 

By Bisi Kazeem

As the year winds down and Nigerians embark on end-of-year travels, the Federal Road Safety Corps (FRSC) has intensified its efforts to curb road crashes and ensure safer highways. Leading this charge is the Corps Marshal, Shehu Mohammed, who has set a sterling example of sacrificial leadership by actively participating in frontline operations during this critical period.

The end of the year is a notoriously perilous time on Nigeria’s roads, marked by increased traffic, heightened road traffic crash risks, and a surge in reckless driving.

However, under the proactive leadership of the Corps Marshal, the FRSC rolled out an unprecedented campaign to reduce road traffic crashes and fatalities, ensuring that the festive season is marked by joy rather than tragedy.

True leadership is not defined by words but by action. The Corps Marshal exemplifies this by personally leading field operations, patrolling highways, monitoring traffic flows, and directly engaging with road users.

His visible presence has reinvigorated the morale of FRSC officers and demonstrated to the nation that leadership is about service and sacrifice.

He defied insecurity on the highways and embarked on a traffic monitoring operation from Abuja, the Federal Capital, through Kogi, Ekiti, Ondo, Owo, Ore, down to Edo and Delta.

His decision to lead from the front underscores his commitment to the FRSC’s mission of saving lives and highlights the urgent need for compliance with traffic rules and regulations.

From the beginning of the Ember Months sensitisation campaign in September, the Corps had gone ahead of time, implementing series of robust measures aimed at addressing road safety challenges during the festive season. These remedies include; increased patrols and checkpoints as additional officers and vehicles have been deployed in strategic points on highways to monitor and enforce compliance with traffic laws; organised nationwide safety campaigns targeting speed violations, drunk driving, overloading and seatbelt use.

These campaigns educate drivers on the dangers of reckless behaviours and emphasize the importance of safe driving practices.

The Corps also ensured Emergency Response Preparedness: ambulances, tow trucks, and rescue teams are on standby to ensure rapid responses to emergencies, reducing fatalities and injuries in the event of crashes.

Knowing that the task of making the highways safe is a collective action, FRSC went into the season with strengthened partnerships with key stakeholders, including the Nigeria Police Force, transport unions, traditional rulers and local communities, to foster a united front in the battle against road crashes.

The Corps Marshal’s leadership has inspired not just his officers but also the general public.

His direct involvement sends a clear message that road safety is a shared responsibility requiring the commitment of all stakeholders.

The Corps Marshal’s hands-on approach during this critical period has not only motivated the FRSC team but has also restored public confidence in the agency’s commitment to saving lives,” said a motorist who witnessed the Marshal’s activities firsthand on the Niger Bridge.

The monitoring activities carried out across major corridors suggest that the intensified efforts are yielding positive results, with a noticeable reduction in road crashes and fatalities compared to previous years.

The Corps Marshal’s example of sacrificial leadership has brought renewed vigor to the FRSC’s operations, ensuring that every life is valued and protected.

Needless to state that the FRSC Corps Marshal, Shehu Mohammed, is indeed an enigma, a force to be reckoned with and a true example of practical leadership in public service as he leads yet again by example in the fight against road crashes in Nigeria.

Taking active front-line roles, dedicating to sacrificial leadership and willingness to take bold steps to address the challenges facing Nigerian roads.

By setting the pace, he’s inspiring his team and other stakeholders to join forces in the quest for safer roads in Nigeria.

As the festive season continues, let us all join the FRSC as they call on all Nigerians to support its efforts by adhering to traffic rules, avoiding risky driving behaviours, and prioritizing safety on the roads.

Together, with the leadership of the Corps Marshal and the dedication of FRSC personnel, a safer, accident-free festive season is achievable.

The Corps Marshal’s leadership reminds us all that effective leadership requires sacrifice, action, and a deep commitment to service.

As Nigerians embark on their journeys this season, they can take comfort in knowing that the FRSC is working tirelessly to make the roads safer for everyone.

 

*DCM Bisi Kazeem (Rtd), fsi MNIM anipr, a public relations expert and media guru writes from Lagos, Nigeria.

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FG deploys Lanre Shittu CNG buses as airport shuttle 

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FG deploys Lanre Shittu CNG buses as airport shuttle

 

The Federal Government has commenced the deployment of Lanre Shittu Motors (LSM)-branded  Compressed Natural Gas (CNG) buses in the nation’s airports for passengers shuttle.

The first batch of the CNG-powered buses has been launched at the Murtala Muhammed Airport, Lagos, at a ceremony attended by the Minister of Aviation and Aerospace Management, Festus Keyamo, and Managing Director, Federal Airports Authority of Nigeria (FAAN), Mrs Olubunmi Oluwaseun Kuku.

Speaking during the unveiling at the Lagos airport, the minister said the deployment was in line with the directive of President Bola Tinubu.

He said it was part of Nigeria’s commitment to reducing carbon emissions and meeting global climate targets.

‘’What you see here today is a fleet of CNG buses for FAAN to commence passenger movement at all our airports immediately,” the minister said.

He said the newly acquired CNG-powered LSM buses unveiled at the Lagos airport are eco-friendly with zero emission and designed with accessibility features for persons with disabilities.

The deployment, he added, was in compliance with the President’s goal of reducing reliance on traditional fossil fuels of petrol and diesel and promoting sustainable use of CNG to power vehicles in the country.

The introduction of the CNG to power automobiles is one of the Federal Government’s initiatives to ease the impact of fuel subsidy removal on the masses.

The CNG buses, according to the Managing Director of Lanre Shittu Motors, Taiwo Shittu, come in two specifications: a 31-seater for airport shuttle services and a 54-seater for mass transit city buses.

He said they had been equipped with modern amenities, including air conditioning, viewing screens, and charging stations.

With the introduction of the CNG buses, he said LSM aimed to provide a more sustainable and efficient transportation solution not only to Lagos but other parts of the country.

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