Business

CBN, ICPC, CSO, Others Monitor POS Transaction In Edo Markets

Published

3 years ago

February 10, 2023

As part of its efforts to ameliorate the suffering of the people occasioned by the recent naira notes scarcity, the Central Bank of Nigeria (CBN), Benin Branch, on Thursday, commenced the monitoring of banks agents also known as Point Of Sales (POS) payment with lower charges to resident in Benin City.

The banks agents under the strict supervision of the officials of CBN, Economic and Financial Crime Commission (EFCC), Independent Corrupt Practices and other related offences Commission (ICPC) and members of the Edo State Civil Society Organisations (EDOSO), were paying their customers a maximum of N5000 per N100 charges.

At the popular Oba Market, Ring Road in Benin, traders and sellers who benefitted from the effortless withdrawal of cash from the POS agents commended CBN for the initiative, saying the exercise would ease their stress of queuing for long hours at the Banks.

They appealed for optimization of the money from N5,000 to N20,000 at least so as to enable them meet other challenges.

The leader of the market women at Ekiosa, Mrs.Janet Ogiamien Iyase thanked the CBN for coming to their rescue through this initiative.

She said they have earlier cried to the state government who invited them to a stakeholders meeting with the leadership of the various banks in the state.

Mrs. Iyase said they were almost losing it, noting that they can neither buy nor sell because there was no money.

“I pray that God should bless the CBN for coming up with this method of cushioning our pains.

“We have really suffered in the past few days but today, I am happy because the money I should have gone to withdraw from the bank, I can now withdraw from you right away”, Iyase said.

Another woman, Mrs. Eghosa Ogiamien Obayagbona who made a withdrawal of N5000 after paying the sum N100 as charges, said the process was seamless.

She added that she had earlier gone to the bank to withdraw money but after wasting much time, she was told that there was no money.

Speaking to journalists during the exercise, the Director, Risk Management Department of CBN, Dr. Blaise Ijebor, said the exercise was to avail the people who have paid into their banks account the old naira notes to withdraw their money for their transaction.

Dr. Ijebor added that it was also aimed at reducing the long queues in the banks.

“We are at Oba Market and we want to help in reducing queues in banks.

“So, we are coming to the markets to allow people who had paid in their old naira notes into the banks to be able to withdraw N5000 at the normal charge of N100 so that we can serve the people and reduce the queues and tension at the banks.

“A lot of people are complaining that they cannot withdraw the money they paid into the banks, now we are giving them the opportunity right here in the market to collect money so that they can continue to transact.

“This is an opportunity for people to get their money and for business to continue to thrive in Edo state”, he said

The CBN director, however, disclosed that “we will be doing this in the next several days to reduce the queue in the bank”.

Business

Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments

Published

15 hours ago

September 15, 2025

Editor

Human rights activist Femi Falana, SAN, has lamented that fuel taken from Dangote is cheaper in Togo than in Nigeria.

Falana expressed his concerns on Sunday while responding to questions in an interview on Politics Today, a programme on Channels Television.

He urged the federal government to review the proposed 5 per cent fuel surcharge and ensure that further hardship is not imposed on Nigerians.

“I guess the government wants to go back to the drawing table and ensure that it is not accused of multiple taxes or double taxation because consumers will pay VAT for buying fuel. They will now put an additional 5 per cent tax.

“I think this is what Nigerians are complaining about. And from what we just read today is that the Dangote fuel taken from Nigeria is now cheaper in Togo than in Nigeria I think about 65 naira.

“So, the government will have to review these developments (the proposed 5 per cent fuel surcharge) and ensure more hardship is not imposed on Nigerians,” he said.

Business

Falana Reveals Those Behind Subsidy Removal

Published

15 hours ago

September 15, 2025

Editor

A Senior Advocate of Nigeria, Femi Falana, has once again criticised President Bola Tinubu’s removal of the fuel subsidy.

Speaking in an interview on Sunday’s Politics, a programme on Channels Television, the human rights activist stated that no country in the world has completely abolished subsidies.

“There’s no way you can remove subsidy completely. No country in the entire world has abolished subsidies completely.

“Even leading Western countries like the United States, the United Kingdom, France and others subsidise electricity, agriculture, and many aspects of the lives of their people.

“So, when the Nigerian Government said it was removing subsidies, as a matter of fact, if I must say this, it was the World Bank and the International Monetary Fund, IMF, that insisted that the government must remove all subsidies,” he said.

Business

‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction

Published

2 days ago

September 13, 2025

Editor

The decision of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) to warn Nigerians against accepting Dangote Refinery’s recent fuel price reduction has drawn heavy backlash on social media, with many citizens mocking the union and embracing what they described as “much-needed relief.”

Dangote had announced lower petrol pump prices in several states alongside a new scheme to deploy compressed natural gas (CNG) trucks directly to filling stations, a move expected to reduce logistics costs.

But NUPENG dismissed the offer as a “Greek gift,” alleging that the refinery was undermining workers’ rights, sidelining the union, and pushing drivers into a rival association.

However, netizens have lambasted the union, querying that during hard times, NUPENG has never supported the masses.

On X (formerly Twitter), Nigerians quickly turned NUPENG’s warning into a trending topic, using humour and sarcasm to lampoon the union.

Oloye Somorin Osifeso (@OloyeSomorin) wrote: “We like Greek gifts in my garage.”

Just Jude (@JustJude) asked bluntly: “Is it your deception?”

Oladele (@Oladele) quipped: “As Dangote Refinery dey offer Nigerians Greek gift, why can’t NUPENG too offer Nigerians French gift?”

Agbalaka (@Agbalaka) queried: “Can they tell Nigerians what exactly they are fighting about?”

CBN Gov Akinsola (@Akinsola) joked: “Then give us Trojan gift now 😆. Man do man. Man no go vex.”

Omobalaji (@Omobalaji) teased: “NUPENG, oya surprise us with Arabian gifts.”

Habdulakeem Bahdmus (@BahdmusHabdulakeem) added: “If Dangote is showering Nigerians with Greek gift, NUPENG can also set up a Roman gift now.”

Femi Yekinni (@FemiYekinni) steered it back to reality: “We thank them for their advice. Now, @DangoteGroup pls how do we schedule deliveries to Badagry?”

Curtis Abbi (@CurtisAbbi) slammed the union: “Nigerians will manage the Greek gift. @officialNUPENG9, what gift have you given Nigerians in your entire years of existence? NUPENG should offer Nigerians their own Somalian gift 🤣.”

Akin Adejola (@AkinAdejola) echoed the sentiment: “LOL. I can bet Nigerians don’t mind the gift. NUPENG should gift Nigerians same ‘Greek gift’ too if they have any goodwill. NUPENG is the enemy of progress in the oil & gas sector.”

Adeola Akinwande (@adeolarewaju9) criticised union leaders: “Does NUPENG remember Nigerians at hard times? They have all failed Nigerians the same way the @NLCHeadquarters has failed. They are living big on unionism and cashing out big time. Without unionism, some of their excos are nobody. They should stop the crocodile tears.”

Okunwa U. U. Azikiwe (@OkunwaUUazikiwe) argued: “Competition has created jealousy by the previous monopoly in the sale of fuel. They have lost control, and it is paining them that they are no longer in control. SMH!!!”

Solihull Abdulkareem (@SolihullAbdul) chipped in: “NUPENG or whatever, do you want the market to be monopoly? You’ve been doing what you want for many years. It’s time for change, just accept it and move forward.”

Temidayo (@Temidayo) asked: “It’s a lie. What benefits has your union provided for Nigerians? Middlemen syndrome has been room for corruption. Your association should go and buy shares in Dangote and work together to make Nigeria great.”

And LegalTech Sam Akanbi (@SamAkanbi) summed up: “Nigerians no longer want your Nigerian gift, we want the Greek gift. If you have a better offer, we’d abandon Dangote’s Greek gift and take yours. But for now, let the Greek gift go round.”

Recall that NUPENG earlier alleged that Dangote Refinery was forcing truck drivers to abandon its union for a rival group, the Direct Trucking Company Drivers Association (DTCDA).

The union also accused Dangote of undermining collective bargaining rights and violating a Memorandum of Understanding (MoU) signed under government supervision.

Dangote, however, denies the claims, insisting that union membership remains voluntary and that its delivery scheme is designed to cut costs and ease supply.

The federal government has intervened, with the Ministry of Labour and the Department of State Services mediating between both parties.