Business

Buhari Declares Support For CBN’s Move Ro Redesign, Replace Naira Notes

Published

3 years ago

October 30, 2022

President Muhammadu Buhari has declared support for the move by the Central Bank of Nigeria to redesign the three largest denominations of the naira.

According to a Sunday statement by his spokesperson, Garba Shehu, the president said the CBN’s decision had his support and he is convinced that Nigeria will gain a lot by doing so.

Last week’s announcement by the CBN governor, Godwin Emefiele, that the apex bank would redesign the N200, N500 and N1,000 notes.

The old and the new notes would both be valid until February when the old notes will no longer be legal tender, Mr Emefiele said.

He said about 80 per cent of Nigerian currency was outside bank vaults with many hoarded by criminals, thus the reason for the policy.

However, the finance minister, Zainab Ahmed, said her ministry was not consulted before the policy was announced and she believes the policy is wrongly timed.

“The policy may be a well-conceived one but the timing, going by realities on ground, is very wrong as the naira may fall to as low as N1,000 to a US dollar before January 31, 2023, fixed for full implementation of the policy,” she said.

“We were not consulted at the Ministry of Finance by the CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise.”

In response to the finance minister’s statement, Mr Emefiele said he got the permission of the president before announcing the policy.

On Sunday, Mr Buhari confirmed he gave the permission.

President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from the reduction in inflation, currency counterfeiting and the excess cash in circulation, Mr Shehu wrote.

The spokesperson said the president spoke in a Hausa radio interview with two journalists, Halilu Getso and Kamaluddeen Shawai, to be aired Wednesday Morning on Tambari TV.

The president said he did not consider the period of three months for the change to the new notes as being short.

”People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all,” Mr Buhari was quoted as saying.

Business

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

Published

3 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.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

3 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

4 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.