Business

Cash Crunch: Edo Residents Heave Sign Of Relief Over CBN’s Comments On Old Naira Notes

Published

3 years ago

March 14, 2023

Residents of Edo State on Monday heaved a sign of relief following the Central Bank of Nigeria (CBN) stance that has given validity to the old N500 and N1000 notes to be used side-by-side with the redesigned naira notes.

Recall that the CBN directed all commercial banks to dispense and accept as deposit the old currency till December 31.

Speaking,, Bright Amadasun said the announcement of the acceptance of the old naira notes has eased the sufferings of the people.

He said before the announcement was made, banks in the state usually witnessed a large queues but that such has been drastically reduced.

“I think with the announcement, everybody is happy. I think this will reduce the large queues in all banks because the money is out and everybody is seeing it”, Amadasun said.

Amadasun said the only challenge at the moment was that market women were yet to accept the old naira notes because the information has not gone round enough.

“The only problem we are having now is that, people have not really heard about this news and they are not collecting it at the market.

“This is one of the issues and I do not know how they are going to do that publicity so that everybody can be aware that the money is now a legal tender.

“I have been to the market this morning and I have collected N4500 but when I wanted to buy something with it, the seller rejected it but I collected the money because I am aware of the news.

“I want the government to make more announcement on it so that the public will be aware to reduce the crowd at the banks.

“I want the CBN to flood the banks with the old naira notes since it is now a legal tender and at least with that, life will bounce back“, Amadasun said.

Speaking also, a bank customer who preferred anonymity, said though the CBN’s statement may have eased tension in the country, but it will not change the cashless policy the Federal Government wants to achieve.

“It has eased us of stress that is one but as for the queues, they will continue because it is not the function of the old notes.

“It is the CBN digital currency that is being worked on.

“So, we know we have seen it in China.

“The queues will continue. We are still expecting it. Some banks to collapse.

“We are still expecting some persons’ accounts to be frozen and going forward, we are going to see these developments because they are all in line with the world economic forum’s agenda.

“So, it is more than the Nigeria factor.

“The policy is not about the old naira notes but by minimizing cash.

“So, they want to drop the quantity of cash in circulation. That is the major reason”, he said.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 day ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.

Business

Dangote Unveils 10-day Credit Facility For Petrol Station Owners

Published

1 day ago

December 30, 2025

Editor

The Dangote Group has announced a 10-day credit facility backed by a bank guarantee for petrol station owners and dealers, alongside free direct delivery and other incentives, as part of a new supply arrangement.

The company disclosed this in a statement posted on its official X handle on Tuesday, inviting petrol station operators across the country to register to benefit from the offer.

According to the statement, participating dealers will enjoy “a 10-day credit facility backed by a bank guarantee,” with a minimum order requirement of 5,000 litres.

“Our free direct delivery service will commence soon,” the group said, adding that the offer is open to “all petrol station owners and dealers.”

The Dangote Group further called on operators to register their stations to access the supply arrangement.

“Register your petrol stations today to benefit from our competitive gantry price,” the statement read.

The company also disclosed that petrol supplied under the arrangement will be sold at a gantry price of ₦699 per litre.

For enquiries, the group provided the following contact numbers: 0802-347-0470, 0809-324-7070, 0809-324-7071 and 0203.

The announcement follows a recent petrol price adjustment by the Dangote Petroleum Refinery.

The PUNCH earlier reported that the refinery reduced its ex-depot petrol price from ₦828 to ₦699 per litre, representing a ₦129 cut or a 15.58 per cent reduction.

An official of the refinery, who spoke to PUNCH Online on condition of anonymity, confirmed the adjustment, saying, “The refinery has reduced petrol gantry price to ₦699 per litre.”

The new price reportedly took effect on December 11, 2025, marking the 20th petrol price adjustment announced by the refinery this year.

Business

JUST IN: Otedola Sells Shares In Geregu Power For N1trn

Published

2 days ago

December 29, 2025

Editor

Billionaire businessman, Femi Otedola, has sold his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.

The Nigerian Exchange, NGX, made this announcement on Monday.

Otedola’s Amperion Power Distribution Company Ltd reportedly held nearly 80 percent of the power generating company.

With this new development, Otedola, Chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, will reportedly now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.

Otedola is said to currently own 17.01 percent of First Bank — its single largest shareholder since the bank was established in 1894.