Business

Another Glo Festival Of Joy Car Winner Emerges In Benin

Published

3 years ago

November 21, 2022

Another happy winner of a Kia car in Globacom’s Festival of Joy promo emerged in Benin, Edo State, on Monday as Globacom presented prizes to winners in the ancient city.

Enakpomu Harrison, an Account Officer in a real estate firm in Edo State, became the winner of the third of the 24 brand new Kia cars which Globacom promised to give its customers in the ongoing loyalty reward promo.

The two earlier winners had emerged last week in Ibadan and the Federal Capital Territory, Abuja.

“I saw the offer last week Monday and decided to give it a try and suddenly got a call later in the week and was told I had won the new car. I could not contain my excitement as this is surely going to change my life”, the Benin car winner said, while encouraging telecom subscribers across the country to switch to Glo.

Comrade Jackson Itohan, who won a power generator, also stated, “I was so astonished when they called me yesterday about what I won. I urge every Glo subscriber to keep recharging as they will increase their chances of winning before the promo runs out”.

Pastor Joseph Olarinye, who won a sewing machine, said the prize came at the right time for his family. According to the clergy man, “My daughter learned tailoring and we had been trusting God for a sewing machine. So to us, this is truly a miracle and I will keep Globacom and its management in my prayers’.

At the presentation ceremony, the Globacom Regional Manager for Midwest, Augustus-ndu Offor, encouraged “Subscribers who desire to become landlords and landladies of 3-bedroom houses courtesy of Glo Festival of Joy to make data subscription(s) of at least N20,000 during the promo period, while those who are interested in winning cars should make a monthly recharge of N10,000; N5,000 monthly recharge for power generators, N2,500 monthly recharge for sewing machines and N500 weekly to win rechargeable fans.”

According to him, “The more recharges, the higher the chances of winning. All voice and data customers just have to dial the dedicated short code *611# and keep recharging (voice and data during the promo period) in order to be eligible to win the prizes on offer.”

Glo Festival of Joy promo has the approval of both the Nigerian Communications Commission (NCC) and National Lottery Regulatory Commission and will continue to make customers happy throughout the festive season and into the New Year 2023.

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

16 hours ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

2 days ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

5 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.