Connect with us

News

CBN directs banks to load ATMs, warns against disbursing cash to naira hawkers

Published

on

 

The Central Bank of Nigeria (CBN) has directed banks to prioritise cash disbursement through automated teller machines (ATMs).

CBN gave the directive in a circular to banks on Friday titled ‘Mystery shopping & spot checks on cash disbursement activities of deposit money banks (DMBs)”.

 

In the circular signed by Solaja Olayemi, acting director, currency operations department at CBN, the apex bank said it commenced spot checks to ensure efficient and responsible cash disbursement to the public and prevent the disbursement of mint banknotes to persons hawking naira notes.

 

“Please refer to the subsisting circular on mystery shopping exercise and periodic spot checks on cash distribution/disbursement activities of Deposit %oney Banks (DMBs),” the circular reads.

 

“As you will recall, these initiatives were introduced to: 1. Monitor and prevent practices that facilitate flow of mint banknotes to “hawkers” of naira cash, thereby discouraging abuse of the Naira; and 2. Ensure that DMBs support efficient and responsible cash disbursement to the public.”

See also  NNPC’s revenue hits N894.6bn, records N141.96bn surplus

On Wednesday, some Nigerians took to X to complain of a lack of cash in bank ATMs, and having to depend on point of sale (POS) operators.

 

CBN also warned that banks disbursing naira notes to persons hawking the Nigerian currency will be penalised.

 

“For the avoidance of doubt, it should be noted that: a) DMBs, to whom cash seized from “hawkers” of cash is traced, will be penalized 10% of the total value of cash withdrawn on the day the seized cash was withdrawn from the Central Bank of Nigeria (CBN),” the apex bank said.

 

“Every subsequent offense will be charged incremental penalty of 5%.”

 

CBN warned that banks found engaging in cash hoarding, diversion, or any actions that hinder efficient cash distribution, “including violations of the Clean Note Policy, will incur appropriate sanctions”.

 

“As we approach the yuletide season, with an anticipated increase in cash demand. DMBs are advised to implement internal controls for responsible disbursement and accountability in respect of mint banknotes payouts at their outlets,” CBN said.

See also  BBNaija: JMK, Liquorose, Queen, two others win N3.7m

 

“To enhance access to cash, we encourage banks to prioritize cash distribution through ATMs.”

 

CBN said during the yuletide season, it will collaborate with relevant law enforcement agencies, to intensify spot checks and mystery shopping activities to monitor and enforce responsible cash distribution and prevent naira abuse.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Ex-IGP Egbetokun expresses happiness Tunji Disu is taking over, says they both benefitted from Tinubu mentorship

Published

on

By

Former inspector-general of police (IGP), Kayode Egbetokun, has said
he is happy that Tunji Disu is taking over from him as the country’s police chief.

Egbetokun spoke on Wednesday at the State House, Abuja, during the swearing-in and decoration of Disu as acting IGP.

The former IGP resigned from his position on Tuesday following a directive from President Bola Tinubu.

“I am happy that he is the one taking over from me. My advice to him is that he already knows all the things we have been doing together — strengthening operations, enhancing intelligence coordination, improving the inter-agency deployment model, dismantling several criminal syndicates, and improving our intelligence response mechanisms. I am sure he will continue to do that,” the former IGP said.

Egbetokun advised the new acting IGP to continue to remain committed to his duties, noting that Disu has been part of his administration from the beginning.

See also  Ekiti 2022: Fayose the godfather, as Bisi Kolawole wins PDP primary election

“He was my principal staff officer; he was commissioner of police in Rivers state and in the FCT; he was assistant inspector-general in charge of my special protection unit,” Egbetokun said.

“When the president gave the presidential directive to withdraw police officers from VIP protection, he was the person I called upon to ensure that the directive was fully complied with, and he did it very well.”

Egbetokun said he is “particularly excited” to hand over to Disu, noting that they share “unique history” and both benefited from the mentorship of Tinubu during his tenure as governor of Lagos state.

“I remember learning many things from him (Tinubu), but there is something in particular I recall,” he said.

“He once said that a good leader should have a successor and a succession plan and must invest in his likeliest successors.

“I invested in likely successors in the Nigeria Police Force, and I am happy that one of those I invested in has been found most suitable for the job and has been decorated today.”

See also  CBN approves merger of Unity, Providus banks

Egbetokun thanked the president for trusting him with different positions, especially when he appointed him as his chief security officer when he was governor of Lagos state, and subsequently as IGP when he became president.

“I am deeply grateful to him,” Egbetokun said.

Continue Reading

News

Ex-NNPC GM jailed 7 yearsin US over $2.1m bribe from Chinese oil firm

Published

on

By

A United States district court has sentenced Paulinus Okoronkwo, a Nigerian American, to 87 months in prison for receiving a $2.1 million bribe from Addax Petroleum, a subsidiary of Sinopec, a Chinese state-owned petroleum and gas conglomerate.

Okoronkwo is a former general manager of the Nigerian National Petroleum Corporation (NNPC), now NNPC Limited.

In a statement on Monday, the US government said John Walter, the district judge, ordered Okoronkwo to pay $923,824 in restitution to the Internal Revenue Service (IRS).

The judge also ordered the forfeiture of $1,039,997, which is the net proceeds of the sale of a home belonging to the ex-NNPC general manager.

In August 2025, Okoronkwo was found guilty of transactional money laundering, tax evasion, and obstruction of justice.

According to US prosecutors, while serving as NNPC’s upstream division general manager, Okoronkwo abused his position by accepting a $2.1 million payment from Addax Petroleum, the Switzerland-based subsidiary of Sinopec.

The prosecutors said the money, wired in October 2015 to his law firm’s trust account in Los Angeles, was disguised as payment for consultancy services but was a bribe to secure favourable drilling rights in Nigeria.

See also  Police arrest two for ‘supplying ammunition to kidnappers’ in Kaduna, Katsina, Zamfara

The prosecutors had presented evidence that Addax executives falsified records to show the payment as legal fees, dismissed internal staff who raised concerns, and provided misleading information to auditors.

Okoronkwo, who practised immigration, family, and personal injury law in Koreatown, was said to have later used nearly $1 million of the bribe money as a down payment on a home in Valencia, California, while failing to declare the income on his 2015 tax return.

In October 2025, a US court granted the forfeiture application filed by the US government against Okoronkwo’s property.

The property is located at 25340 Twin Oaks Place, Valencia, California 91381.




Continue Reading

News

Tinubu charges acting IGP Tunji Disu to lead with discipline, rebuild trust in police

Published

on

By

President Bola Tinubu has charged Tunji Disu, the acting inspector-general of police (IGP), to lead with discipline and rebuild public trust in the Nigeria Police Force (NPF).

The president spoke at the State House on Wednesday during the decoration of Disu with his new rank as the acting IGP, following the resignation of Kayode Egbetokun.

Tinubu also told the new acting IGP to confront the escalating threats of banditry, terrorism, and other criminal activities across the country head-on.

“I expect you to strengthen the discipline, enhance interagency collaboration, and restore public confidence in Nigeria police,” the president said.

“Lead firmly but fairly, demand professionalism at every level and ensure that safety of lives and property remains your highest priority.”

Tinubu praised Disu as a “straightforward individual, committed and respected,” with sufficient discipline, urging him to draw from Egbetokun’s experience and “make it better than you met it.”

See also  Good morning! Here Are Major News Headlines In Nigerian Newspapers Today: New Naira policy: IMF asks FG, CBN to extend February 10 deadline

“Nigeria is challenged right now with banditry, terrorism and all sorts of criminal activities,” he said.

“You’ll be part of the thinking, and you’ve been part of the innovation. The challenge as you hold the baton of this leadership is the belief that you will excel and Nigeria will prevail.”

The president appreciated Egbetokun for his “dedication in service” and “good leadership attributes” in maintaining law and order.

“Nigeria is a grateful nation to you,” he said.

“You have not succeeded without a good successor. Therefore, the success of a Tunji Disu IGP, when confirmed, is part of your responsibility.”

Continue Reading

Trending News