₦airaland Forum

The Association of Senior Staff of Banks, Insurance, and Financial Institutions has attributed the worsening cash shortage across the country to the Central Bank of Nigeria’s inability to meet the cash demands of commercial banks.

Speaking with The PUNCH, ASSBIFI President, Olusoji Oluwole, highlighted the dire impact of the scarcity, particularly as the festive season approaches, with increased demand for cash for shopping and business transactions.

“In terms of (the cash) scarcity, this is something that has not ended since the redesign of the naira,” Oluwole said.

Oluwole explained that banks have only two primary sources of cash – the CBN and retailers.

“Banks have only two sources of cash: the CBN and retailers. The CBN has not met banks’ demands, and retailers often sell cash for profit, making it harder for banks to access funds,” he explained.

He noted that the apex bank has failed to meet the cash demands of banks, while retailers profit by selling cash instead of depositing it back into the banking system.

“But, of course, it is beginning to become more pronounced now that we’re heading towards the Christmas celebrations, where a lot of people are going to need money to carry out their shopping and other businesses.

“Banks are not in a position to force retailers to bring the cash to banks,” he added, describing how this dynamic exacerbates the scarcity of cash in Automated Teller Machines and across bank counters.

Citing statistics, Oluwole stated that banks collectively require at least N20m daily to operate, with ATMs needing approximately N8m each and N4m over the counters.

He stressed the importance of CBN providing clear statistics on cash circulation to improve distribution efficiency.

“For us, we are not interested in trading games like we were doing last year but looking for solutions. The solution, one, is for CBN to have clear statistics, so that they understand where they are, how they are circulating, and where they are circulating to,” he said.

Oluwole also advocated for a shift towards less dependency on cash, emphasising that a cashless economy is cheaper, safer, and more efficient for the economy.

“An economy that operates in a cashless manner does better than a cash-dependent economy. It is a proven thing all over the world,” he stated.


In addition, the ASSBIFI President called for security agencies to crack down on illegal currency trading.


“You cannot be selling cash. You cannot sell your currency to people for a profit at discounted rates. It is not done anywhere,” Oluwole emphasised.

He urged authorities to investigate reports of point-of-sale operators buying cash from fuel stations and supermarkets.

Oluwole concluded by reiterating that no bank deliberately withholds cash from its customers.

“No bank wants to starve its customers of cash. It does not make sense for any bank to hold on to cash, but you can only give what you have,” he said.

“As the cash crisis persists, stakeholders are urging the CBN to act swiftly to address these concerns and alleviate the strain on both banks and the public,” Oluwole stated.

Also, the National Coordinator of the Human Rights Writers Association of Nigeria, Emmanuel Onwubiko, in a statement criticised the CBN and its Governor, Olayemi Cardoso, for their mishandling of monetary policy, holding them responsible for the resulting widespread hardship.

He further highlighted how cash scarcity has left millions, especially in rural areas, unable to conduct transactions, pushing small businesses, artisans, and daily wage earners deeper into poverty.


“Nationwide, long bank and ATM queues have become the norm, with depositors unable to access their funds despite sufficient balances,” he added.

Onwubiko argued that the crisis reflects not just poor monetary policy but also deeper systemic issues within Nigeria’s economy.

He urged President Bola Tinubu to intervene swiftly to stabilise the banking system and avert economic collapse.

The group also called on the National Assembly to summon the CBN Governor for accountability and oversight.

thesicilian:
The whites are planning for the future decades ahead while the blacks are fighting over the past.

Saudi Arabia has been confirmed as the host nation for the 2034 football World Cup.

Also confirmed were the hosts for the 2030 World Cup, which was awarded to six countries and will take place across three continents to celebrate 100 years of the tournament.

Saudi Arabia was the sole bidder for the 2034 competition. Its host status was confirmed on Wednesday after an online meeting of the 211 members of the International Federation of Association Football (FIFA).

The members confirmed the unchallenged bids by acclamation - simply clapping during the virtual meeting led by FIFA president Gianni Infantino.

As well as the World Cup, Saudi Arabia is hosting football's 2027 Asian Cup, the 2029 Asian Winter Games and the 2034 Asian Games. It also has long-term ambitions to host more major events, including the Women's World Cup,

According to the statement, the appointment of Adeyemi-Bero by OPEC "would provide a vital platform for Nigeria to advocate for balanced energy policies that benefit oil producers, consumers, and the global economy."


The Organisation of Petroleum Exporting Countries (OPEC), has confirmed Mr. Ademola Adeyemi-Bero who is Nigeria’s Governor for OPEC, as Chairman of the OPEC Board of Governors for 2025.

This was confirmed in a statement on Tuesday, signed by Nneamaka Okafor, media aide to the Minister of Petroleum (state), Heineken Lokpobiri, obtained by SaharaReporters.

According to the statement, the appointment of Adeyemi-Bero by OPEC "would provide a vital platform for Nigeria to advocate for balanced energy policies that benefit oil producers, consumers, and the global economy."

“His appointment was confirmed at the 189th meeting of the OPEC Conference.

“Prior to his appointment as the Chairman of the OPEC Board of Governors, he was confirmed as Nigeria’s OPEC Governor for the year 2025.”

It was further stated that the “Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, hailed Mr. Adeyemi-Bero’s elevation as a testament to the country’s active contributions to the global oil industry.”

“He emphasized that this appointment provides Nigeria with a vital platform to advocate for balanced energy policies that benefit oil producers, consumers, and the global economy.”

“The Honourable Minister also expressed profound gratitude to Ambassador Gabriel Aduda, the outgoing Nigerian OPEC Governor, for his exemplary service. He acknowledged Ambassador Aduda’s instrumental role in advancing Nigeria’s interests within OPEC and ensuring the country's influential presence in global energy discussions.

"In addition, OPEC appointed His Excellency Eng. Adeeb Al-Aama, Governor of Saudi Arabia for OPEC, as the Alternate Chairman of the Board of Governors for 2025.”

It was also noted that the OPEC Conference which brought together representatives from member countries to address significant issues, extended the tenure of His Excellency Haitham Al Ghais as OPEC Secretary General for another three years, effective August 1, 2025.

President Bola Tinubu, on Tuesday, sued for peace and unity in the country, saying even though people may have different political inclinations, Nigerians are one.

He spoke when he commissioned the Bola Ahmed Tinubu Technology Innovation Complex, BATTIC, at the headquarters of the Nigeria Immigration Service, NIS in Sauka, Abuja.

He said Nigerians are all occupants of one building who are only living in different rooms.

Recall that Tinubu arrived the Nigeria Immigration Service headquarters in Abuja to unveil BATTIC at about 12:08 pm.

He was received by the Minister of Interior, Olubunmi Tunji-Ojo, and the Comptroller-General of Immigration, Kemi Nandap.

BATTIC
BATTIC comprises the Command and Control Centre (regular migration), NIS Data Centre, ECOWAS Biometric Card Production Centre, Interior Data Centre and a 0.5KW solar power plant.

According to Nandap, BATTIC will ascertain the risk level of persons entering the country, detect irregular migration patterns and monitor unmanned borders in remote areas across the country.

She added that BATTIC is “setting the benchmark to use technology to secure our borders and ensure the security of the nation.”

Femi Gbajabiamila, President’s Chief of Staff; Minister of Aviation and Aerospace Development, Festus Keyamo, heads of agencies, among others, were present at the ceremony.

yarimo:
Lagos state government should be very careful with any developers within

Norwegian Company Equinor Completes $2billion Asset Sale In Nigeria, Ends 30-Year Operations

Equinor (EQNR.OL) has finalised the sale of its assets in Nigeria and Azerbaijan for a total of up to $2 billion, marking the conclusion of its 30-year operations in both countries.

The Norwegian oil and gas company announced the completion of the divestments on Monday, a move first disclosed in 2023, Reuter reports.

The divestments, which were finalised in recent weeks, are expected to enhance Equinor’s cash flow in the fourth quarter. They align with the company's strategy to optimise its international portfolio.

"The exits enable investments to deepen further in countries where Equinor can add the most value and build a more focused and robust international portfolio," the company stated, though it did not provide further details.

Equinor aims to increase its international output by 100,000 barrels of oil equivalent per day (boed) by 2030, focusing on new fields in Brazil, the UK, and the US.

In Nigeria, Equinor sold a 20.21% stake in the Agbami oil field, operated by Chevron (CVX.N), to Chappal Energies for up to $1.2 billion, consisting of $710 million in cash and the rest in contingent payments.

The company did not specify how market prices or other factors might influence those contingent payments.

In Azerbaijan, the company sold its 7.27% stake in the Azeri Chirag Gunashli (ACG) field, an 8.71% stake in the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, and a 50% stake in the Karabagh project to Azerbaijan’s SOCAR and India’s ONGC for $745 million.

Equinor’s net production in the first three quarters of 2024 was 24,600 boed in Azerbaijan and 17,700 boed in Nigeria.

Local rice prices in Nigeria surged 137.32 per cent in October 2024 compared to the same period last year, making it one of the country’s 10 most expensive staple foods.

The sharp rise was noted in the National Bureau of Statistics’ Selected Food Prices report for October 2024, which provided an in-depth overview of food price trends across Nigeria.

According to the NBS report, the average price of local rice in October 2024 stood at N1,944.64, a significant increase from N819.42 in October 2023.

The surge in local rice prices highlights the ongoing inflationary pressures on food prices, which have become a key concern for Nigerian households struggling with the rising cost of living.

On a month-on-month basis, local rice prices also saw an increase of 1.56 per cent, up from N1,914.77 in September 2024, further highlighting the persistence of inflationary trends within the food sector.

Geographically, there were significant variations in the price of local rice across Nigeria. Kogi State recorded the highest price for local rice at N2,693.41, while Benue State recorded the lowest price at N1,267.25.

These price disparities across states reflect regional variations in supply, demand, and the distribution channels for staple foods.

It is also indicative of the challenges that local farmers and producers face in meeting demand amid rising production costs and logistical challenges.

The NBS report also indicated that food inflation in Nigeria remained high in October, standing at 39.16 per cent year-on-year from 31.52 per cent in October 2023.

The year-on-year rise in food inflation reflects broader economic challenges, including the effects of exchange rate volatility, fuel price hikes, and supply chain disruptions.

On a month-on-month basis, the food inflation rate rose by 2.94 per cent, up from 2.64 per cent recorded in September 2024.

The NBS’ inflation report for October 2024 read, “The Food inflation rate in October 2024 was 39.16 per cent on a year-on-year basis, 7.64 percentage points higher compared to the rate recorded in October 2023 (31.52 per cent).

“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: guinea corn, rice, maize grains, rice, etc (bread and cereals class), yam, water yam, coco yam, etc (potatoes, yam and other tubers class), palm oil, vegetable oil, etc (oil and fats class) and Milo, Lipton, Bourvita, etc. (coffee, tea and cocoa class).”

The incremental rise in food inflation is a concerning trend for Nigerians, as it suggests that food prices are likely to continue their upward trajectory, putting further pressure on household budgets.

In addition to local rice, agricultural rice, typically sold by local farmers, saw an even steeper price increase.


The price of agricultural rice in October 2024 experienced a year-on-year increase of 138.90 per cent to N2,023.68 from N847.08 in the corresponding period of last year.

Prices of agricultural rice varied significantly across different states, with Nasarawa reporting the highest price of N3,120.49, while Benue had the lowest at N1,354.87.

Agricultural rice, which is usually a more affordable option compared to processed local rice, has become significantly more expensive, further exacerbating the cost-of-living crisis for many Nigerians.

The PUNCH observed that the prices of Ofada rice and imported rice had also seen significant increases, contributing to the broader trend of rising food prices in Nigeria.

Ofada rice, a local variety grown predominantly in the southwestern region of Nigeria, experienced a sharp price rise.

In October, the average price of Ofada rice stood at N2,428.65, up from N811.83 in October 2023, representing a 199.16 per cent rise year-on-year, reflecting the growing demand for the staple and the rising cost of production.

The price of Ofada rice varies considerably across states. In Osun State, for example, the price of Ofada rice was reported at N3,400, while in Adamawa State, it was slightly lower at N1,425.

Also, imported rice, which is largely sourced from international markets, has seen considerable price hikes, influenced by the devaluation of the naira, import tariffs, and global price fluctuations in the rice market.

The average price of imported rice in October 2024 rose to N2,471.28 per 1kg bag, up from N1,016.12 per 1kg bag in October 2023, reflecting an increase of 143.21 per cent year-on-year.

Kogi State recorded the highest price for this rice at N3,187.35, while Niger had the lowest at N2,017.04.

The increase is largely attributed to the ongoing challenges in the foreign exchange market, which have made importing rice more expensive, as well as the higher global rice prices exacerbated by factors such as the Ukraine conflict and rising energy costs.

The rise in the price of imported rice is further compounded by Nigeria’s reliance on imports to meet domestic demand for rice.

While local production has grown in recent years, it has still not been enough to fully meet the country’s needs, thus leading to an increased dependence on imported rice.

The rising prices of local rice, Ofada rice, and imported rice have played a major role in driving up food inflation in Nigeria.

Last month, the Senator representing Jigawa North-West Senatorial Zone, Babangida Husaini, called on the Federal, State, and Local Governments to address the rising cost of basic food items, which continues to escalate nationwide despite the harvest season.

Not less than two explosive devices went off at separate locations in the Dansadau District of Maru Local Government Area of Zamfara State.

According to PremiumTimes, the two explosions occurred on the road between Dansadau and Malamawa and another on Malele Road, all in the Dansadau district

A resident, Nuhu Babangida, was quoted as saying passengers in a Canter Truck going to the Dansadau weekly market on Friday escaped death after the truck, loaded with grains, ignited the bomb.

Babangida said the explosions on Malamawa and Malele roads went off simultaneously but recorded no casualties.

This is the third time an explosive device would be planted along Dansadau Road within a week.

12 people were feared dead Wednesday morning after an explosive blew off a bridge at Yar Tasha village.

The incident, Daily Trust gathered, occurred around 8am this morning after a commercial driver conveying passengers to Dansadau town ran on the device suspected to be planted by bandits.

Last Sunday a similar device suspected to be planted by bandits exploded with an 18-seater bus, killing the driver, who was the sole occupant.

Some retired military personnel grounded activities at the Federal Ministry of Finance in Abuja on Thursday over their unpaid entitlements.

The retirees accused the Federal Government of not paying them a 20% to 28% salary increment from January to November 2024.

Among their demands are their owed payments for palliatives from October 2023 to November 2024, the payment of an additional N32,000 to their pensions, the bulk payment of the Security Debarment Allowance, and a refund of deductions made from the pensions of medically boarded soldiers, among other demands.

They brought sleeping mats, chairs and canopies to the protest ground.

One of the leaders of the group, Col. Innocent Azubuike (retd.), had lamented the plight of military pensioners, stating that their unpaid entitlements had caused untold hardship.

He stated that despite assurances that their entitlements would be cleared in November, they were informed that the payments could not be made due to a lack of cash backing.

Azubuike said, “We were told approval has been secured for the payment of our entitlements. The only thing remaining is cash backing.

“We were told to exercise patience and assured that our long-unpaid entitlements would be settled in November. November is gone, and there is no indication of when this will happen because it’s a matter with the FMoF and not the Ministry of Defence.”

The Presidency has dismissed claims that the proposed tax reform bills before the National Assembly would impoverish northern Nigeria or disproportionately benefit Lagos and Rivers states.

In a statement issued on Monday, presidential spokesperson, Bayo Onanuga said the reforms aim to improve the quality of life for all Nigerians, particularly the disadvantaged, and streamline tax administration to foster a better business environment.


The statement followed concerns raised by Borno State governor, Babagana Zulum, who claimed that the proposed Value Added Tax (VAT) sharing model might favour Lagos and Rivers states.

Onanuga, however, described such reactions as unfounded and based on misinformation.


“The tax reform bills will not make Lagos or Rivers states more affluent than others, nor will they impoverish any region,” Onanuga stated, urging Nigerians to reject attempts to polarise the nation over the bills.

He clarified that the bills do not propose scrapping agencies like the Tertiary Education Trust Fund (TETFUND), the National Agency for Science and Engineering Infrastructure (NASENI), or the National Information Technology Development Agency (NITDA).

These agencies will continue to operate and receive funding through budgetary allocations, he added.

The spokesperson added that President Bola Tinubu’s tax and fiscal policy reforms are intended to simplify tax collection, alleviate the burden on businesses, and support national development.

Meanwhile, former Speaker of the House of Representatives, Yakubu Dogara, has called on Northern leaders to approach the ongoing tax reform bills before the National Assembly with pragmatism rather than sentiments.

Speaking during a Channels Television town hall on the reforms in Abuja on Monday, Dogara emphasised the need for leadership that prioritises the region’s future development over ethnic or religious biases.


“We Northern leaders should remove the cap of ethnicity and religious sentiments and put on the cap of leadership to face the reality, which the bills will bring,” Dogara stated.

He criticised senators who claimed insufficient consultation on the bills, questioning their own practices in lawmaking.

“How many people do they consult when making laws? Some state laws are written in the living rooms of governors,” he said, dismissing arguments that the bills’ popularity is more important than its impact.

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal and Tax Reforms, clarified that the bills aim to empower subnational governments to enhance revenue generation and achieve self-sufficiency.

Barring any last-minute changes, the Central Bank of Nigeria (CBN) will soon retire about 1,000 of its employees before the end of the year, investigations by Daily Trust have shown.

Reliable sources at the apex bank’s headquarters revealed that the retirement would gulp over N50 billion in payoff to the affected workers.


In what it described as a strategic realignment of its workforce, the CBN’s Board of Governors, led by Olayemi Cardoso, had expressed commitment to reducing the workforce.


In the last 10 months, the CBN had disengaged many of its staffers, including 17 directors, who served under the immediate past governor, Godwin Emefiele.


A circular released three weeks ago by the CBN, sighted yesterday by our reporter, said the application for Early Exit Package (EPP) was open to all cadres of staff and will close by Saturday, December 7.

Exempted are those yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December, 2024.”


Officials told Daily Trust that the apex bank was targeting retirement of over 1,000 staff members.

The officials, who pleaded anonymity, told our correspondent that at least 860 staff from the various departments have already applied for the EPP.


The management described the EEP as a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”

It cautioned that the staffers could not change their minds after applying, saying that all completed and submitted applications are final.


The EEP stated that financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of current grade’s gross annual emoluments.

It also noted that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of current grade’s gross annual emoluments.

“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” it added.

The EEP also provides for non-financial incentives, including “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the Bank’s current policy and extended medical care for an additional three months for self and dependents after the expiration of the three-month current provision of access to medical windows care by exited employees.”


‘They’re offering me N97m for 4-yr service’

A staff member, who spoke to our reporter, said: “The way they dated the offer, you’ll know that the target is actually from senior supervisors to deputy managers. If you look at it, they’re mostly those that came in within the 9 years of Governor Emefiele.

“For instance, I’ve worked for 4 years in the bank; the package they’re giving me is between N92 million to N97 million.

“Some others have worked up to a manager level and are only entitled to N64.5 million. So, the more time you have to go, the more money they pay you because you know, for them, you don’t have gratuity”, the staff said.

Another staff told Daily Trust yesterday that during a webinar held on Friday, the Human Resource Department of the bank expressed the apex bank’s decision to get the number it was targeting for the EEP.

“There is serious tension, serious apprehension. You can imagine the atmosphere. It is terrible.

“As of Friday, there were 860 people so far that have indicated interest in the EEP,” the staff said.



17 sacked directors yet to be replaced

The 17 directors sacked 10 months ago and those who retired then are yet to be replaced.


Information on the CBN’s website yesterday showed that each of the 13 departments is headed by a coordinator.

A circular for replacement specified that deputy directors who have two years or less to retire are not eligible for consideration, and that each applicant must apply for only one of the positions listed as multiple applications may lead to disqualification.

Daily Trust’s investigations revealed that following the outcry that greeted the perceived bias against serving deputy directors, some of them were allegedly invited to apply for the vacant positions.

A senior staff stated that: “As it is, most of those who should qualify were affected alongside the sacked directors.”


Some of the sacked directors had, four weeks ago, approached an Abuja division of the National Industrial Court of Nigeria for an interlocutory injunction to restrain the CBN from replacing them, saying their employments were “unlawfully terminated without a valid reason.”



CBN keeps silent

When contacted by Daily Trust for comments on the decision to send about 1,000 staff on early retirement, the CBN’s Director of Corporate Communication, Hakama Sidi Ali, neither answered calls nor replied to a text message sent to her.


What CBN’s policies and procedures manual says

Section 16.0 of the CBN’s Human Resources Policies and Procedures Manual (HRPPM) titled ‘Cessation of Employment’, specifies that in every case of separation from the employment of the bank, it is the objective of CBN to make separations as amicable as possible for both the employee and the bank.

Section 16.3.5 notes that an employee’s Normal Retirement Date in CBN should coincide with the date the employee is 60 years old or has put in 35 years of service.


“Early retirement can be considered when the employee has served for at least 10 years, and is only granted at the discretion of management,” it said.

According to the manual, the CBN feels that the retirement of an employee should be an occasion for celebration and for recognition of the individual’s contributions to the bank.

However, Section 16.4, which specifies the condition for redundancy, stipulates that redundancy means involuntary and permanent loss of employment as a result of excess human resource.

It said the redundancy processes are designed to provide a framework to manage change, where that change involves termination of employment.


“Adversely affected employees are given the opportunity for early separation from the bank.

“Consultation with the Joint Consultative Council is essential, and a fair process is mandatory. Employees who are adversely affected may appeal decisions made by the head, human resources,” it said.

The manual said the grounds for redundancy require that employment may be terminated for economic, technological, structural or similar reasons.