Ahead of the reintroduction of the new naira notes, the Central Bank of Nigeria (CBN) has imposed a weekly limit of N100,000 and N500,000 withdrawals on individuals and organisations. The new policy which will take effect from January 9, 2023 is contained in a memo signed by the Director of Banking Supervision, Haruna B. Mustafa and issued to banks on Tuesday. “The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively.” “Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively,” it added. The apex bank has also directed commercial banks to load only N200 and lower denominations into their ATMs. The memo read, “Further to the launch of the redesigned naira notes by the President, Muhammadu Buhari, on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following: “1. The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively. “2. Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist. “3. The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day. “4. Only denominations of N200 and below shall be loaded into the ATMs. “5. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily. “6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements. “Further to (6) above, you are required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose: “a. Valid means of identification of the payee (National Identity Card, International Passport, Drivers License.). b. Bank Verification Number of the payee. c. Notarised customer declaration of the purpose of the cash withdrawal. d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable. e. Approval in writing by the MD/CEO of the bank authorising the withdrawal. “Please further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. ii. Compliance with extant AMUCFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc., is required in all circumstances. iii. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions. “Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions. “The above regulatory directives take effect nationwide from January 9, 2023. Please be guided accordingly.”

Tuesday 06 December 2022 Buhari constructed road to Atiku’s hometown, says minister Osun gov begins salary payment Tinubu takes campaign to UK, Atiku train storms Lagos Ronaldo signs £173m-per-year deal with Al-Nassr Jan – Report Obi: I don’t know why APC has not sacked me — Babachir Lawal 5 days after abduction, kidnappers of Ondo monarch reduce ransom to N10m I’ve collected my original certificate from Chicago University — Tinubu Tinubu’s Chatham House performance a disgrace — PDP Campaign I’m not interested in calling others names, Atiku’s my elder — Peter Obi Abuja-Kaduna train resumes operations with low subscribers NEC meeting: ASUU shelves drastic action on withheld salaries It’s not true we don’t give ‘shishi’ — Peter Obi BVAS: INEC yet to assure us of its capacity to deliver — Tinubu Youth Unemployment Major Cause Of Insecurity In North-East – Peter Obi FG Committed To Domestication Of Rome Statue – Malami ‘You are suffering from amnesia’ — Dogara fires back at Wike over Atiku endorsement May 29 Handover Sacrosanct – Buhari Visit a newspaper stand this morning, buy and read a copy for yourself…

  The presidential candidate of the Labour Party, Mr. Peter Obi, has said that it was not true he runs a penny-pinching campaign (not giving ‘shishi’). But that he is more concerned about using state money for public good, if elected Nigeria’s next President in 2023. He said this on Monday at an interactive session between him and north-eastern stakeholders in Abuja. At the event, Obi also dismissed speculations that he was secretly fighting his former principal and standard bearer of the Peoples Democratic Party, PDP, Atiku Abubakar. On the issue of frugality, Obi said: “People say we don’t give people ‘shishi’. It is not true. But I want to use your money for your good. I want to use it to educate your children and give them opportunities. “I don’t want to steal your money. That’s not what I am doing because it is wrong. Rather, I want to be part of you and your children. “I want you to understand that I am committed to you. I am committed to the Northeast. I am not going to be your President from Abuja. “I am going to be your President from the Northeast. There’s no way I will not tour every single state of Nigeria. I’ll be everywhere,” he said. Speaking also, former Secretary to Government of the Federation and chieftain of the ruling All Progressives Congress, APC, Engr. Babachir Lawal, said the 2023 presidential poll is a must-win election because of the current state of the nation.

  President Muhammadu Buhari on Monday restated his commitment to handing over leadership to an elected president on May 29 next year. He stated this in a brief remark to Mr. Shakib Ben Musa, the Minister of National Education, Pre-School and Sports of the Kingdom of Morocco, who visited the State House, Abuja, as Special Envoy of King Mohammed the VI. The President, in a statement issued by his media aide, Malam Garba Shehu, said his term in office would end on that day in line with constitution. He also said his term of office would end with the inauguration of a new president in May next year. President Buhari, who said he would study the message sent and respond accordingly, gave assurances at the same time that he would continue to cherish and strengthen the very warm and cordial relations between the two countries. The Special Envoy, who was accompanied by Mr. Moha Ou Ali Tagma, the resident representative of the Kingdom in Nigeria, restated to the President the friendship and solidarity of the King, the government and people of Morocco with Nigeria.

  Ahead of the 2023 general elections, the Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar has pledged to privatise the nation’s refineries if elected as President next year. The PDP candidate who spoke on Monday during PDP’s presidential rally in Tafawa Balewa Square, Lagos, said he will earmark $10 billion from the refinery sales to empower the small and medium-scale enterprises of young Nigerians.   He identified the refineries to be sold as the Port Harcourt refinery, Warri refinery, and Kaduna refinery which have not been functioning for years now. “I am going to set aside $10 billion so that we can empower our young men and women in small and medium enterprises,” he said. “People are asking me where am I going to get $10 billion? If I privatise Port Harcourt refinery, Warri refinery, Kaduna refinery, I am going to get the money.” While asking the mammoth Lagos residents to vote in the PDP government next year, the former Vice President pledged that his administration will restructure Africa’s most populous nation. In doing so, he promised to allocate more powers and resources to both state and local governments, asking the people to hold their leaders accountable. The PDP candidate warned the people of Lagos against returning the ruling All Progressives Congress (APC) to power at both in the state and federal levels. According to him, “a single family has ruled the state for 23 years,” although he did not specifically mention any name. “The Federal government built the third mainland bridge, Agege motor road, and other road infrastructures in the state, the APC govt is lying to you about developing Lagos. “It is time for you to liberate yourself from a family govt in power for over 23 years, by voting Jandor as your governor.”

  Members of the Academic Staff Union of Universities, ASUU, on Monday opted to continue their nationwide protest, instead of embarking on another round of industrial action over their eight-months’ salaries being withheld by the Federal Government. The decision was arrived at after a lengthy National Executive Council, NEC, meeting in Calabar, Cross River State. The step taken by the union made parents and students to heave a sigh of relief, as there was the fear that the union could embark on another round of strike A source told Vanguard that the meeting also agreed to continue to engage stakeholders on the way out of the current face-off between the union and the government. “The National President will officially come out with the communique of the meeting. But we considered reports from branches regarding our nationwide protests and we are glad with what we got. It was agreed that the protests should continue, we need to let Nigerian people see that we have really given the government a long rope. “Some prominent Nigerians and different groups have been on the matter. Seeking the way out, we also want to give the people more time to intervene too. At least at the end of the day, if we are pushed to the wall, whatever we decide to do, everybody will see that we have tired and endured enough,” the source said. A number of personalities, including the Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila, intervened and also, the National Industrial Court of Nigeria in Abuja gave an order for the union to shelve the strike before it would continue to entertain the matter before it. Recall that when the union called off its strike on October 14 after eight months, the government only paid the lecturers half salary for October and paid them full salary in November. Repeatedly, the government has said it is not going to pay them for the eight months they did not work, an issue the union has been kicking against. It was also gathered that some members of NEC could not attend the meeting due to logistics and financial issues, as they could not get to the venue by flight.

  THE Federal Government, FG, has announced the commencement of the Abuja-Kaduna train services starting today, 5th December, 2022. This is coming 251 days after when the Federal Government announced suspension of the Abuja-Kaduna train following the Boko Haram terrorists attack on moving passenger train in Kaduna on March 28, 2022. The insurgents had blown up the rail track and bombed the moving train, killing some and abducting more than 60 passengers. The unprecedented attack attracted international and national outrage. Following the commencement of the Abuja-Kaduna train, our correspondent boarded the train from Idu to Kubwa stations in Abuja to monitor the resumption of the service. At the junction leading to the Idu train Terminal, a few cars and motorcycles were seen at the park about 30 minutes before the take-off of the first train, indicating a low turnout of passengers. Recall that Vanguard had reported about the mixed reactions that trailed the first announcement of resumption of Abuja-Kaduna train services, particularly from individuals and families who were victims or had relatives that were victims of the March 2022 train attack. Vanguard writes that the low turnout of subscribers could be as a result of the big scar that the attack left on many citizens, including making trust for the government to wane. Our correspondent who observed the area noticed low activities of businesses, unlike the Idu terminal that attracted massive small-scale businesses at every corner before the attack. Also, our correspondent observed that the majority of the coaches were empty and the few with passengers had few passengers. Speaking to one of the passengers on why there has been a low turnout, Usman Danladi, said: “were they expecting a crowd to come all of a sudden? There has been a problem and the government is yet to give a satisfactory answer why there was an attack in the first place. Secondly, the government is yet to tell us feasible measures that have been taken to ensure that lives and properties are protected. “You can’t just open the place and expect things to go as if nothing happen. This should be a big challenge to the government to get up and do the needful. Nigerians are losing trust for them. Even though they come out to shout that security measures have been taken, Nigerians will still take some time to observe. We are not fools.” Also, a lady who appeared to have gotten her ticket and ready to go, Victoria Odeh, said: “Well, I was happy when I heard that the rain operation have started. I am always traveling to Lagos and the train has always favoured me. “For security, it is only God that keeps lives. I believe the government has done their best, it is just for them not to relapse. You don’t expect the terrorists to attack anytime soon. They are not foolish. The government should continue to be conscious and take their duties seriously. “I will advise the government to motivate those that have been charged to secure the train by increasing their salaries so that they would not relent. They will do their job professionally and with their heart.” One of the train officials who preferred anonymity, said: “things just got started. We should be patient enough. The government has played its part. I believe things will go as planned and Nigerians will be fine.” State of Security Our correspondent also observed that personnel of the Nigeria Police Force and the Nigeria Security and Civil Defence Corps, NSCDC, were also seen at the entrance of the station indicating the presence of security. Our correspondent also observed mounted cameras at various areas in the terminal, also inside the train. Recently, Mu’azu said passengers on the route must register their phone numbers and National Identification Number (NIN) at the point of ticket purchase as part of ways to beef security. Mu’azu had also told Nigerians that other unnoticeable security measures have been taken. For example, the Minister of Transportation, Mu’azu Jaji Sambo, said there would be a massive deployment of hi-tech security apparatus, to boost security. He said the government was in the process of acquiring explosion sensors that would detect and eliminate threats on the track. Increase in cost of fares In confirmation of the hike in ticket fare, the Abuja-Kaduna train service from Idu to Rigasa has been pegged at N9,000 for 24-seater coaches, N6,500 for 56 and 68-seater coaches and N3,600 for 88-seater coaches while minors are expected to pay N3,000. Before the attack, the Abuja-Kaduna train from Idu to Rigasa was pegged at N7,000 for 24-seater coaches, N5,000 for 56 and 68-seater coaches and between N2,600 to N3,000 for 88-seater coaches depending on the time of the trip while minors paid N1,500.