Shettima tells banks to resolve cash scarcity, arbitrary charges – Newstrends
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Shettima tells banks to resolve cash scarcity, arbitrary charges

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Vice-President Kashim Shettima

Shettima tells banks to resolve cash scarcity, arbitrary charges

Vice President Kashim Shettima has urged the Central Bank of Nigeria (CBN) and commercial banks to urgently address issues of cash scarcity and arbitrary charges by Point of Sale (POS) operators. He made this call at Friday’s 2024 Bankers Committee annual retreat in Abuja.

Represented by the Special Adviser to the President on Economic Matters, Dr. Tope Fasua, Shettima emphasized the importance of tackling these challenges to enhance financial and economic inclusion.

“Nigerians complain bitterly about their inability to access minimal cash when needed. There also seems to be exploitation through high and arbitrary charges by street-level POS operators. We are confident that these issues can be resolved with concerted efforts,” Shettima said.

He also encouraged the banking sector to introduce more initiatives to finance Micro, Small, and Medium Enterprises (MSMEs) while supporting federal and state government efforts to reduce consumer credit costs.

Shettima noted that the National Bureau of Statistics is working to rebase the economy, GDP, and Consumer Price Index, a task last undertaken over a decade ago despite the World Bank’s recommendations for more frequent reviews.

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Additionally, the Vice President projected that the country’s debt-to-GDP ratio would drop to approximately 30% by the first quarter of 2025.

CBN Governor Highlights Financial Challenges

In his address, CBN Governor Olayemi Cardoso acknowledged the financial crisis the apex bank inherited and outlined key economic challenges.

“Over the past eight to nine years, the economy grew on average at 1.8% annually, while money supply expanded by about 13%. Outstanding Ways and Means at the end of 2022 was approximately 11% of GDP—a global record,” Cardoso stated.

He stressed the need for robust solutions to address the economic challenges, urging the committee to prioritize innovation and inclusivity while reinforcing trust with the Nigerian public.

“We must reflect on creating an ecosystem that supports innovation and fosters an inclusive economy,” Cardoso added.

The retreat served as a platform for stakeholders to discuss strategies for overcoming Nigeria’s financial challenges and promoting sustainable economic growth.

 

Shettima tells banks to resolve cash scarcity, arbitrary charges

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Sokoto Officials Deny Mosque Attack as Bandits Kill Five in Gatawa Raid

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Sokoto Officials Deny Mosque Attack as Bandits Kill Five in Gatawa Raid

Chairman of Sabon Birni Local Government Area in Sokoto State, Ayuba Hashimu, has dismissed viral reports alleging that bandits attacked a mosque in the council area, killing an Imam and several worshippers.

Some online platforms had circulated claims that armed bandits stormed a mosque in Sabon Birni, murdered the Imam and congregants, and abducted others.
However, Hashimu, speaking by telephone, described the reports as entirely false.

“I don’t know any mosque that was attacked, not to talk of killing of an Imam and worshippers. The story is false,” he stated.

A member of the state legislature representing the area, Hon. Aminu Boza, also debunked the claims, insisting that no mosque attack occurred on Saturday.

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“I don’t know how they got their story, but it is not true. No mosque was attacked by bandits,” he said.

While officials denied the alleged mosque incident, a separate early morning assault on Gatawa town within the same LGA resulted in five deaths and left one person critically injured.

A resident, who spoke on condition of anonymity, told Daily Trust that six people — including two married women, two teenage girls and two young boys — were abducted by attackers suspected to be bandits.

“The bandits invaded our community around 1:30 a.m. and started shooting sporadically. Our vigilantes engaged them, but four of them paid the supreme price on the spot. Two others sustained gunshot injuries and were taken to the hospital, but one later died,” the resident said.

He added that the attackers also stole livestock as they fled.
“We heard them exchanging fire with security agents, but none of the abducted persons was rescued,” he recounted.

Sokoto Officials Deny Mosque Attack as Bandits Kill Five in Gatawa Raid

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FG Begins Recovery of 157 Almajiri Schools

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Almajiri school

FG Begins Recovery of 157 Almajiri Schools 

The Federal Government has commenced the official recovery of 157 model Almajiri schools built during the administration of former President Goodluck Jonathan, in a renewed push to overhaul Almajiri education across the country.

The move was confirmed by Nura Muhammad, spokesperson for the National Commission for Almajiri and Out-of-School Children Education (NCAOOSCE), during an interview in Abuja on Sunday. He described the recovery process as a crucial step toward fully revamping and institutionalising Almajiri education.

Muhammad explained that the effort follows the establishment of a legally backed national body now responsible for all Almajiri-related programmes — a structure he said was missing during earlier reform attempts.

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While commending former President Jonathan for constructing the schools, which he described as “a noble and well-intentioned stride toward modernising the system,” Muhammad noted that the previous initiative struggled due to weak policy implementation, including inadequate engagement with Alarammas, the traditional Qur’anic teachers who play a central role in the Almajiri system.

He added that the lack of a strong institutional framework — with the project operating only as an initiative under the Federal Ministry of Education — contributed to its challenges.

According to him, the Commission is now strengthened by law and guided by the newly adopted National Policy on Almajiri Education, positioning it to deliver sustainable reforms.

Muhammad expressed confidence that harmful practices linked to the Almajiri system would be addressed, emphasising that all recovered schools would soon be fully under the Commission’s control and rehabilitated to serve their original purpose.

FG Begins Recovery of 157 Almajiri Schools

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Delta State Police Arrest Suspects in Killing of Retired Justice Ifeoma Okogwu

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Justice Ifeoma Okogwu

Delta State Police Arrest Suspects in Killing of Retired Justice Ifeoma Okogwu

The Delta State Police Command has made a significant breakthrough in the investigation into the murder of retired Justice Ifeoma Okogwu in Anambra State, arresting key suspects linked to the case.

Spokesperson SP Bright Edafe disclosed on Sunday that operatives of the Homicide Section of the State Criminal Investigation Department (CID), acting on credible intelligence, apprehended 25-year-old security guard Godwin Mngumi on 6 December 2025. Mngumi allegedly murdered the retired judge, and authorities also recovered the deceased’s mobile phone from him.

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According to Edafe, Mngumi confessed to inviting a friend, Nnaji Obalum, and another accomplice — who remains at large — to the residence where the crime was committed. Obalum has since been arrested, while a manhunt continues for the third suspect.

The arrests mark a major step forward in the effort to bring all perpetrators of the high-profile murder to justice.

Delta State Police Arrest Suspects in Killing of Retired Justice Ifeoma Okogwu

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