CBN Reviews Controversial Weekly Cash Withdrawal Policy

BusinessMoneyNewsNigeriaCBN Reviews Controversial Weekly Cash Withdrawal Policy

By Ezinwanne Onwuka (Senior Reporter)December 23, 2022

Fifteen days after pegging weekly over-the-counter cash withdrawals by individuals and corporate organisations at N100,000 and N500, 000, respectively, the Central Bank of Nigeria (CBN) has reviewed the controversial policy. In a memo issued on Wednesday and signed by Haruna Mustafa, the director of banking supervision, the CBN announced a new maximum cash withdrawal limit of N500,000 and N5,000,000 per week for individuals and corporate entities, respectively. The processing fee for withdrawals above the above-mentioned...

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Federal Govt to phase out pioneer status incentive for mature industries

BusinessNewsNigeriaFederal Govt to phase out pioneer status incentive for mature industries

Beloved John (Staff Writer)December 15, 2022

The federal government says it is phasing out the antiquated pioneer status incentive and other tax exemptions for mature industries with the 2022 finance bill. Zainab Ahmed, the minister of finance, budget, and national planning, disclosed this while addressing a state house correspondent on Wednesday. The bill is for tax collection in 2023. It was designed to support the implementation of the 2023 budget. The pioneer status incentive (PSI) is a tax holiday that grants...

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Central Bank’s new cash withdrawal policy is illegal says human rights advocate, Femi Falana  

BusinessNewsCentral Bank’s new cash withdrawal policy is illegal says human rights advocate, Femi Falana  

Beloved John (Staff Writer)December 13, 2022

Femi Falana, a human rights advocate, has described the new cash withdrawal policy introduced by the Central Bank of Nigeria (CBN) as illegal and null. Falana expressed his dissatisfaction in a statement on Monday The central bank had earlier disclosed that it has directed deposit money banks and other financial institutions to ensure that weekly over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively. The policy is expected to...

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BusinessNewsNigeriaOkonjo-Iweala, Mo Abudu Make Forbes’ ‘World’s 100 Most Powerful Women’ List

By Ezinwanne Onwuka (Senior Reporter)December 11, 2022

Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, made it to the 2022 Forbes list of the world’s 100 most powerful women. Also on the list is the Chief Executive Officer of EbonyLife Group, one of Africa’s leading media conglomerates, Mosunmola Abudu, also known as Mo Abudu. While the former finance minister took the 91st position, the media mogul was the 99th woman on the list. Okonjo-Iweala was recognised for her contributions to the...

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Naira Redesign: ATMs to Dispense N200, N100 from 9 January

BusinessNewsNaira Redesign: ATMs to Dispense N200, N100 from 9 January

By Ezinwanne Onwuka (Senior Reporter)December 11, 2022

The Central Bank of Nigeria (CBN) on Tuesday directed commercial banks to load only N200 and lower denominations into their Automated Teller Machine (ATM) starting from 9 January 2023. The directive is contained in a memo on the revised cash withdrawal policy, a sequel to the naira redesign policy, to deposit money banks and other financial institutions by the CBN. The memo was signed by the CBN director of banking supervision, Haruna Mustafa. Other policies...

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NDIC Recovers N8.3 Billion Naira From Banks

BusinessNewsNigeriaNDIC Recovers N8.3 Billion Naira From Banks

Hassan Umar Shallpella (Regional Correspondent)December 11, 2022

The Nigeria Deposit Insurance Corporation (NDIC) says it has helped depositors recover eight point three billion naira from their banks and had resolved two hundred and forty-eight customer complaints. Mr. Bello Hassan said the complaints bothered unauthorized withdrawals which accounted for the highest number of one hundred and ninety cases, P.O.S issues accounted for thirty-three, and fraud cases which accounted for twenty-five. The Managing Director of the corporation stated this at the forty-third Kano International...

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Buhari Unveils New Naira Notes As CBN Plans to Reduce Volume of N500, N1000 in Circulation

BusinessNewsNigeriaBuhari Unveils New Naira Notes As CBN Plans to Reduce Volume of N500, N1000 in Circulation

By Ezinwanne Onwuka (Senior Reporter)November 24, 2022

President Muhammadu Buhari on Wednesday launched the redesigned 200-, 500- and 1,000-naira notes at the Council Chambers of the State House shortly before the commencement of the Federal Executive Council (FEC) meeting. This is coming a few weeks after the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, disclosed plans, backed by the President, to redesign the currency notes. In his speech, President Buhari said the redesigning of the naira notes would not only...

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In partnership with AMEC, P+ Measurement Services organizes annual Measurement Month in Nigeria

BusinessEducationNigeriaIn partnership with AMEC, P+ Measurement Services organizes annual Measurement Month in Nigeria

PilotnewsNovember 22, 2022

In collaboration with the International Association for the Measurement and Evaluation of Communication, AMEC, the leading intelligence agency in Nigeria, P+ Measurement Services, declared its interest to host the annual AMEC Measurement Month (#AMECMM) to enlighten PR and communications experts and professionals in Nigeria. The event is slated to take place on November 25th, 2022 from 12 pm to 1:30 pm (WAT). The purpose of this event, which will be held virtually on the Google...

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Digital Economy: “Nigeria Still has a Long way to go” – Geeksvillage founder

BusinessEconomyNewsNigeriaDigital Economy: “Nigeria Still has a Long way to go” – Geeksvillage founder

Ebuka Onyekwelu (Staff Writer)November 17, 2022

Digital economy has gained traction in the lexicon of Nigeria’s public office seekers, to the extent that many “youth empowerment” programmes of power seekers now contain some sort of activities relating to acquisition of digital skills, by the citizenry. But in reality, many of those with thriving digital footprints, set out on their own without any form of “empowerment”. This is the story of Geeksvillage, just like many other digital and tech solution providers in...

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Patoranking Joins Konga as Brand Ambassador

Arts & CultureBusinessPatoranking Joins Konga as Brand Ambassador

By Ezinwanne Onwuka (Senior Reporter)November 11, 2022

LAGOS — Konga, Nigeria’s leading e-commerce company, has signed a major brand ambassadorship deal with Nigerian reggae-dancehall singer and songwriter, Patoranking. The partnership deal was sealed on Thursday, 3 November 2022 at Yudala Heights, Victoria Island, Lagos. The deal, which will run for a year, subject to renewal, will see Patoranking represent Konga as its lead brand ambassador and feature in the company’s promotional materials and campaign adverts. Speaking at the event, Dave Omoregie, the...

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