Business

Banks Run Out Of New Naira, Demand Soars

Published

3 years ago

December 16, 2022

Editor

…Cashiers ration new notes, lenders allot N100,000 per teller in banks

…Suspicious customers snub new notes as local traders reject new currency

Mixed reactions greeted the disbursement of the new naira notes that officially went into circulation on Thursday with many bank customers demanding for the new notes while a few others snubbed the latest bills in banking halls across major Nigerian cities.

The newly redesigned N1,000, N500 and N200 bills finally became a legal tender on December 15, 2022, over three weeks after President Muhammadu Buhari unveiled them at the weekly Federal Executive Council meeting.

The CBN Governor, Godwin Emefiele, had on October 26 announced plans to redesign the N200, N500 and N1,000 notes, while also declaring that the old denominations would cease to be a legal tender by January 31, 2022.

Emefiele stressed that the redesigning of the local currency became necessary to tackle inflationary problems, currency counterfeiting, insecurity and other issues plaguing Nigeria.

He further noted that the currency redesign was aimed at controlling currency-in-circulation as well as ransom payments to kidnappers and terrorists.

A visit to banking halls in several cities across the country, especially in Lagos and Abuja on Thursday, it was observed that several bank branches had run out of the small quantities of the new notes allocated to them from their head offices as early as 12 noon.

Further findings revealed that several bank branches were yet to get their new note allocations with many bank officials informing our correspondents that the new notes were still being expected.

In bank branches visited in Lagos, a number of the bank branches had run out of their new note allocations when The PUNCH visited the places. However, officials at some of the centres which still had the new notes told The PUNCH their allocations were very small.

An official of Access Bank Plc at the Ojodu branch in Lagos, who spoke on condition of anonymity because he was not authorised to speak on the matter, said, “Each cashier was given N100,000 of the new N1,000 bill for onward disbursements to customers seeking over-the-counter payments. We don’t have the other denominations of N500 and N200 yet. We don’t have enough supply of the new notes for now.”

Also, it was observed that the ATMs at the bank branch were dispensing only old naira notes.

Customers were also seen depositing the old bills over the counter, while cashiers were paying out more of the old naira notes at the centre.

However, in a few instances, the cashiers were seen mixing a few new naira notes with the old bills in their OTC payments.

Meanwhile, in some of the banking halls visited by The PUNCH, some customers snubbed the new notes due to reports that some local traders were rejecting them as legal tender.

As such, some of the bank customers refused to collect the new notes for over-the-counter payments.

Confirming the situation, a bank teller in Ogba, Lagos told one of our correspondents that, “Some customers have been rejecting the new naira notes whenever we give them; they said the new notes would not be collected from them in the market; they prefer the old notes.”

At the bank, a cashier told a customer demanding the new notes she had exhausted her allocation.

However, when the customer insisted on having his payment in the new notes, the cashier approached his colleague to demand for some.

“You are eager to get the new notes but many of the customers I attended to today refused to take it from me,” the cashier said.

Abuja banks

In the Federal Capital Territory, Abuja, only one of the 10 bank branches visited paid their customers using the new notes. Also, only one of the ATM centre dispensed the new naira notes among the several ATM galleries visited by one of our reporters in the FCT.

The PUNCH visited the Guaranty Trust Bank, First Bank Plc, Zenith Bank Plc, Taj Bank and Access Bank Plc situated at Jabi Garage and the Central Business District.

None of the tellers in the bank branches was seen paying their customers in the new notes via the counters.

However, only the Access Bank ATM in the area was seen dispensing new N1,000 and N500 notes.

The PUNCH observed that the ATM dispensed N1,000 in every N10,000 withdrawal.

At GTBank, Jabi branch, our correspondent observed that the ATM dispensed old N1,000 notes to customers.

At the counter of the same bank, a bank official who declined to give her name told The PUNCH that the new notes were not available.

She said, “No, you can’t make cash withdrawals of the new notes. The best we can do for you is to mix the amount you are withdrawing with old notes.”

When The PUNCH approached another official of the bank, she said OTC withdrawals were still being honoured in the old notes.

At the Zenith Bank, Jabi branch, an official asked our correspondent to come back on Friday or Monday for the new notes.

According to him, the new notes have yet to be distributed to the branch, adding they are hopeful it will get to the branch soon.

A customer was overheard complaining of not being able to get the new notes despite withdrawing a huge sum of money at the branch.

A similar scenario was witnessed at the First Bank and Taj Bank branches as officials said the new notes were not available when our correspondent visited the centres.

At Taj Bank, an official who refused to give his name, claimed the lender was disbursing the new notes to customers over the counter but not at its ATM stand.

However, as of 3:45pm when our correspondent visited the branch, only old notes were being given to their customers.

Lagos banking halls

Also, during a visit to some banks in the Ikotun-Egbe and Isolo areas of Lagos, it was observed that the ATMs were dispensing old notes.

A customer at First Bank ATM in Ikotun-Egbe said, “The ATMs are still not dispensing the new currency here, what we still collect is the old ones.”

A Point of Sale terminal operator in Igando area, who simply identified himself as Chibuike, said he could not get the new notes when he visited his bank earlier in the day.

Also, when The PUNCH visited the First Bank branch at Yaba, Lagos, the ATMs were still dispending the old notes.

It was also observed that OTC payments were being made using the old notes.

A bank customer Mr James Oni, told our correspondent he was anticipating to see the new notes, adding that he could not get it in the banking hall.

Also, when FCMB branch on Matthew Street, Yaba, was visited, only the old notes were being dispensed from the ATMs while OTC payments were also done using the old currency.

Meanwhile, it was observed that several bank customers in Lagos and Ogun states could not access the new notes in their bank branches as of Thursday. However, others who were lucky got the new bills. Some customers expressed hope they would be able to see the new currencies in the coming days.

PUNCH

Business

Confusion Over Euro-Africa CCI’s $250m Investment In Edo

Published

3 days ago

September 29, 2025

Editor

The $250m investment deal Governor Monday Okpebholo claimed to have secured during his recent trip to Scotland is generating ripples over capacity of the European African Chamber of Commerce and Industry (EACCI) to make such a huge investment.

The EACCI, headed by a Drector General, Dr. Kingsley Obasohan, is not known to have made any prior investment in Edo State or any part of the country.

Obasohan, who attended the Edo State Global Investment Summit virtually, announced the $250m investment.

He said the investment would be made for a period of three years.

An online search was launched to unravel the EACCI as well as the man Obasohan.

A number on the site was answered by a lady who claimed not to understand English language.

Several foreign partners were listed on the site as board members and advisory council.

Some closed associates of Obasohan said he would have to get clearance from the Board members before talking to journalists on the issue.

Spokesman for the Edo Peoples Democratic Party, Daniel Noah Osa-Ogbegi, said the party would hold Governor Okpebholo accountable to Edo people and demanded clarity on the $250m investment from Glasgow.

Osa-Ogbegi said the proposed investment has become a source of embarrassment to Edo people because of unfolding information about EACCI.

He said the party would shine light on fiscal management practices that appeared to ignore transparency and responsibility.

Secretary to the State Government (SSG), Umar Musa Ikhilo, had earlier said those that attended the Glasgow summit were interested in keying into the SHINE agenda of Governor Okpebholo.

“One of the chambers of commerce that attended, the European African Chamber of Commerce and Industry signed an MoU with the Edo State Government to invest a sum of $250 million over the next three to five years.

“Last year, diaspora remittances were the second-highest source of foreign income in Nigeria after crude oil, over $20 billion, but only 2% of that went into investment. We are creating a vehicle to help convert more of that into direct investments.”

He added that a delegation from Scotland was expected to visit Edo State in the coming months to explore specific investment projects as a follow-up to the summit.

Business

Dangote Hits Out At PENGASSAN, Says Union ‘Serial Saboteurs, Serving Oligarchs’

Published

4 days ago

September 28, 2025

Editor

The management of Dangote Petroleum Refinery has berated the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accusing the union of decades-long sabotage of Nigeria’s oil and gas sector and serving the interests of its leaders rather than ordinary Nigerians.

In a statement issued at the weekend, the refinery described PENGASSAN’s latest directive to cut crude oil and gas supplies to the facility as another act of economic sabotage designed to inflict untold hardship on Nigerians.

“Indeed, over time, the Association has consistently proved itself as serving interests other than those of Nigerians and Nigerian workers,” the statement declared.

Dangote recalled that in 2007, when the Federal Government sold its moribund Port Harcourt and Kaduna refineries to Blue Star Consortium, led by the Dangote Group, for $750 million, it was PENGASSAN and its ally, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), that sabotaged the deal. “It is now obvious to everyone that the FGN’s decision at the time was the right one and that PENGASSAN and NUPENG ignominiously wrote their names on the wrong pages of history,” the company said.

The refinery also faulted the union’s role in the much-publicised rehabilitation of the Port Harcourt Refinery, describing it as a “ruse” which PENGASSAN “knowingly celebrated despite being a scam on Nigerians.” The statement further accused the union of opposing amendments to the Petroleum Industry Act (PIA) that would have freed up federal liquidity and attracted private-sector funding into Nigeria’s upstream oil ventures.

Beyond policy obstruction, Dangote Refinery accused the association of mismanaging billions of naira in annual check-off dues to allegedly bankroll the “lavish lifestyles” of its leaders, without accountability to members. By contrast, the refinery highlighted its own record of economic contributions within a short period, citing road construction, worker training, the creation of thousands of Nigerian jobs, and a compensation structure that “outdistances the best in the Nigerian oil and gas industry.”

“The Dangote Group is the highest employer of labor in Nigeria and the highest contributor to the tax revenues of Nigeria and its sub-nationals. What comparable social responsibility has PENGASSAN, with its billions of Naira in annual check-off dues and subscriptions, lived up to?” the statement queried, challenging the union to publish its audited accounts for the past ten years. “Can it publish publicly its account for the last 10 years and list out its corporate responsibility activities within that timeframe?”

The refinery insisted that PENGASSAN’s recent directive to withdraw services and cut off essential fuel supplies, including but not limited to petrol, diesel, kerosene, cooking gas and aviation fuel was reckless, lawless and dangerous. It said the order is not about protecting Nigerian workers, but it is about a cabal of oligarchs weaponising hardship against over 230 million Nigerians.

“In the process, it (PENGASSAN) cares little if at all about the unbearable hardship and terror it would thereby inflict on all Nigerians, including but not limited to the provision of essential services in our hospitals and medical facilities, schools (nursery and right up to tertiary and research institutions), emergency services, communications facilities, transportation systems, etc,” it said.

Dangote Refinery called on the Federal Government and security agencies to step in immediately to protect the facility and the nation’s energy security, stressing that the union must not be allowed to “bully Nigerians into chaos and economic sabotage.”

According to Tribune Online, the federal government has announced readiness to broker peace between Dangote Refinery and PENGASSAN, inviting both to a meeting scheduled for Monday.

Business

Fuel Scarcity Looms As PENGASSAN Stops Gas, Crude Supply To Dangote Refinery

Published

5 days ago

September 27, 2025

Editor

The industrial dispute between the Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria took a dramatic turn on Saturday as the union ordered seven branches to cut off crude oil and gas supplies to the $20bn facility.

In a letter dated September 26 and signed by its General Secretary, Lumumba Okugbawa, the union accused the refinery’s management of sacking its members in retaliation for exercising their constitutional right to join the union.

The union’s move marks an escalation in the standoff, with PENGASSAN accusing the refinery of anti-labour practices and the unlawful sack of its members.

In the directive issued to its branch chairmen, PENGASSAN instructed its branch chairmen in key upstream and midstream oil companies, including TotalEnergies, Chevron, Seplat, Shell Nigeria Gas, Oando, and Nigerian Gas Infrastructure Company, to immediately cut off all crude oil and gas supplies to the refinery.

The directive comes after PENGASSAN alleged that Nigerian workers were sacked by Dangote Refinery after joining the union, claiming that management also withdrew staff buses and denied entry to locals while allowing expatriates access.

The union threatened to picket the refinery if the situation was not addressed.

In a statement on Friday, the refinery clarified that only a small number of workers were affected by what it described as a reorganisation aimed at preventing acts of sabotage within the facility. It said over 3,000 Nigerians remain in employment, rejecting claims of mass layoffs.

Dangote maintained that the restructuring was necessary after what it described as recurring acts of sabotage in different units of the refinery, which posed serious risks to human lives and operations.

As a result, PENGASSAN instructed its branches in TotalEnergies, Seplat, Chevron, Oando, Shell Nigeria Gas, Renaissance, and NGIC to cut gas supply to the refinery immediately.

The union described the move as “illegitimate” and accused the refinery of spreading misinformation instead of addressing the matter through dialogue.

“As you are aware, the Management of Dangote Petroleum Refinery has disengaged our members in reaction to the exercise of their constitutional right to being unionized.

“They have gone further on a mission of misinformation and propaganda to justify this illegitimacy rather than engaging meaningfully with us to right the wrong.

“Consequent to these, you are hereby directed to cut off gas supply to NGIC effective immediately. All crude oil supply valves to the Refinery should be shut. The loading operation for vessel headed there should be halted immediately,” the directive read.

The union further mandated the NGIC Chairman to ensure strict compliance with the order and told all branch chairmen to give regular updates on the action taken.

“NGIC Chairman, ensure that gas supply to the Refinery is cut off effective immediately. All chairmen on this summons are to report promptly the progress of the directive. Kindly accept the assurances of our highest esteem. Thank you,” the statement read.

Reaffirming its solidarity, PENGASSAN ended the directive with its slogan: “Injury to one! Injury to all!”

On Thursday, the company announced it would suspend petrol sales in naira from September 28 following the exhaustion of its crude-for-naira allocations.