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CBN extends suspension of processing fees on deposits to March 2025

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The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on cash deposits for six months.

 

The development comes six days before the suspension date initially fixed, expires.

 

On May 1, banks resumed the collection of processing fees on cash deposits.

 

Six days later, CBN suspended charges on the deposits until September 30.

 

However, in a circular directed to all banks, other financial institutions and non-financial institutions, dated September 24, 2024, and signed by Adetona Adedeji, CBN’s director of banking supervision, the apex bank extended the date to March 31, 2025.

 

“Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates,” the apex bank said.

 

“The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.

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“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions, issued on December 20, 2019.”

 

CBN asked all financial institutions to continue accepting cash deposits from the public without any charges during the period.

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Tinubu back in Abuja after attending Arab-Islamic summit in Saudi Arabia

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President Bola Tinubu has returned to Nigeria after his trip to Riyadh in Saudi Arabia.

On Saturday, Tinubu left Abuja, the country’s capital city, for Saudi Arabia to attend the Joint Arab-Islamic summit.

The summit was held at the invitation of King Salman and Crown Prince Mohammed bin Salman.

Speaking at the summit, convened to address the current situation in the Middle East, Tinubu expressed deep concerns over the humanitarian conditions in Gaza.

Bayo Onanuga, the president’s special adviser on information and strategy, said in a statement on Monday that Tinubu called for an immediate end to the “prolonged Israeli aggression” in Gaza.

The president said, “the conflict in Palestine has persisted for far too long, inflicting immeasurable suffering”.

Tinubu, who called for a ceasefire in Gaza, said Nigeria is in support of a two-state solution—where both Israelis and Palestinians can coexist in security and dignity.

“The conflict in Palestine has persisted for far too long, inflicting immeasurable suffering on countless lives,” the president said.

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“As representatives of nations that value justice, dignity, and the sanctity of human life, we have a moral obligation to collectively bring about an immediate end to this conflict.”

He added that conflicting parties must uphold proportionality principles and protect civilians’ fundamental rights, aligning with international law and diplomacy standards.

The Nigerian president lauded King Salman Al Saud and Crown Prince Mohammed bin Salman for convening the summit.

He added that it was a crucial opportunity for Nigeria to renew diplomatic efforts and advance Middle Eastern peace and stability.

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Okpebholo nominates  Oshiomhole’s son as commissioner

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Monday Okpebholo, governor of Edo, has nominated Cyril Oshiomhole, a medical doctor, as the commissioner of health.

Cyril is the son of Adams Oshiomhole, the former governor of Edo, now a serving senator.

The commissioner nominee earned his bachelor’s degree in medicine and surgery (MBBS) at the Ahmadu Bello University, Zaria.

He has a master’s degree in public health and majors in environmental health, toxicology, and disaster management.

Fred Itua, Okpebholo’s spokesperson, said in a statement on Tuesday that the governor also nominated Samson Osagie, a former member of the national assembly, as the attorney-general and commissioner for justice.

“On the new state attorney-general, Dr. Samson Osagie is a private legal practitioner having been called to the Nigerian Bar on March 22nd, 1995,” the statement reads.

He is also the current vice president of the African Bar Association (West African Region),” the statement reads.

“He was a two-term member of the Edo state house of assembly and also the house of representatives, where he rose to the position of the minority whip.

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Itua said the Osagie and Oshiomhole’s names would be forwarded to the Edo state house of assembly for confirmation.

He added that Okpebholo also announced the appointment of Musa Ikhilor as the secretary to the state government (SGG).

“Barrister Ikhilor has over 11 years of experience in legislative drafting, parliamentary administration, lawmaking procedure and processes, constitutional drafting and amendment, and general legislative governance issues working in various capacities at the national assembly,” Itua said.

“Barr. Ikhilor is active in business, corporate legal practice, and social works, where he serves as the managing partner of Springfield Legal Consult and as the executive director and board of trustees member of the Amana Legacy Foundation.”

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Saudi crown prince ‘commends’ Tinubu over economic reforms

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Mohammed bin Salman, the crown prince and prime minister of Saudi Arabia, has commended President Bola Tinubu over his economic reforms.

Salman gave the commendation at the sidelines of the Joint Arab-Islamic Summit in Riyadh, the capital of Saudi Arabia.

 

A statement on Tuesday by Bayo Onanuga, the president’s special adviser on information and strategy, said Tinubu and Salman explored areas for cooperation, particularly oil and gas, agriculture, infrastructure and the constitution of the Saudi-Nigeria business council.

 

Onanuga said Nigeria is seeking an agreement with the Saudi government over a proposed $5 billion bilateral trade facility between the two countries.

 

“The Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion in 2022 to acquire a 35.43% stake in Olam Agri, one of Nigeria’s leading agricultural firms,” the statement reads.

 

“Talks are being held so that SALIC can have more stake in the company. The Saudis hoped the investment would make Olam one of the biggest agro-allied businesses in the world.

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“The Crown Prince commended President Tinubu’s economic reforms, noting similarities to his steps to strengthen Saudi Arabia’s stability and development when he became Prime Minister.

 

”He also assured Nigeria of his support and promised to motivate his team to realise the various areas of partnerships discussed at the meeting.”

 

He said the summit has renewed the commitment of Nigeria and other member states on the ministerial committee assigned to engage with global leaders in seeking an end to the ongoing war in Gaza and Lebanon.

 

“The Joint Arab-Islamic Ministerial Committee, led by the Kingdom of Saudi Arabia, was formed by a resolution at the First Joint Arab-Islamic Summit in Riyadh on November 11, 2023,” Onanuga said.

 

“The group includes the foreign ministers of Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan.

 

“In its final resolution, the summit urged the Ministerial Committee to ‘intensify its efforts and expand them to include working on ending the aggression on Lebanon’.

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“The committee will submit periodic reports, which the secretariats of the Organisation of Islamic Cooperation (OIC) and the League of Arab States will circulate to member states.

 

“The Committee has also been tasked with further engaging actors across the Global South in the efforts to strengthen international support towards ending the war and Israeli occupation.

 

”The resolution stressed the importance of protecting sea lanes by rules of international law and welcomed the signing of the tripartite mechanism by the League of Arab States, OIC, and the African Union to support the Palestinian cause.”

 

He said the leaders condemned Israeli military actions in northern Gaza, describing them as “crimes of genocide”.

 

“They also criticised ongoing efforts to solidify Israel’s presence in occupied East Jerusalem, reaffirming it as the eternal capital of Palestine and calling for the unification of the West Bank, Gaza Strip, and East Jerusalem under a sovereign Palestinian state,” he said.

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Abdullah Abdulaziz, minister of national guard; Khalid Abdulaziz, minister of defence; and senior Saudi officials ttended the meeting.

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