Business

Edo: Traders Reject Old Notes, Residents Groan Over Buhari’s Stance On S’Court Judgement

Published

3 years ago

March 9, 2023

Bank customers in Benin, the Edo State capital, on Thursday, appealed to President Muhammadu Buhari to come out and address Nigerians on his stance on the recent declaration of the Supreme Court judgement asking Nigerians to use the old and the redesigned naira notes side-by-side till December 31, 2023 and save Nigerians from the current financial hardship.

Speaking, one of the bank customers, Elvis Omoregie, said after the Supreme Court judgement that made the old naira notes legal tender, some banks have started dispensing it to their customers.

He said, however, customers worry is that, traders have refused to accept it as a means of payment for goods and services.

According to him when he took the old naira notes withdrawn from the bank to the market, he was told that the president has not told Nigerians that the money is now a legal tender and that it could be used side-by-side with the redesigned naira notes.

“Just yesterday, I went to the First Bank to withdraw money only for me to be paid the sum of N10,000 and N8000 of it was old N500 denominations while N2000 was new naira notes.

“To me, it is quite unfortunate. The old naira notes, you take it to the market, they will not accept it from you and the banks that pay you the money will also tell you that even though they pay you with the old money, you cannot bring it back to them as a form of deposit and that they will not accept it from you until you pass through the Central Bank of Nigeria processes.

“It is sad. You do not do that. Fine, CBN has issued a statement that they have complied with the Supreme Court ruling and why can’t the commercial banks do the same by following the order?

“Why are they stressing the citizens of the country? To me, it is not the best. They should do something about it. As I speak with you, since yesterday, the N8000 they paid me at the bank, I am yet to spend it. No one is ready to collect the money from me. As I speak with you, I am stranded.

” Let the federal government of Nigeria come out and say something. Let them give Nigerians hope, let Mr. President come out and issue a statement even if he cannot come out directly just as he did the other time, let him through his media aide issue a statement compelling the banks or the Central Bank to do more by the way of cushioning the plights of Nigerians”, Omoregie said.

Also speaking Nurudeen Hassan, said if the commercial banks can give out the old naira notes, they should be able to accept them as deposit at the bank and not asking depositors to take it to CBN.

“I was at one of the branches of GTB this morning to queue up for what we have been doing for the past three weeks to collect the sum of N10,000 but to my surprise the branch manager came to tell us that they will be paying with the old naira notes but if we are returning it, we should take it to the CBN.

“So, we felt that this is not good enough for us. Once you can give, you should be able to accept it again.

” We are appealing to the authority concerned to come out and give a clear statement on what to be done to reduce the suffering of Nigerians as regards to this redesigning of this naira.

“We want the federal government to issue a statement and order the banks to give and to accept”, Hassan said.

Business

Fixed Income: CBN Announces Fresh Regulations To Control Nigerian Market

Published

3 days ago

October 3, 2025

Editor

The Central Bank of Nigeria has announced sweeping regulations to take control of the Nigerian fixed income market.

The regulations expected to begin in November are aimed at boosting transparency across Nigeria’s financial sector.
The apex bank disclosed this in a recent statement.

CBN noted that the intervention is a key part of broader financial market reforms.

Accordingly, it said its core objective is to enhance regulatory oversight and strengthen the market’s ability to effectively support the transmission of monetary policy and, ultimately, foster economic growth.

“This transition will enable the CBN to assume direct responsibility for the management of the trading platform and handle end-to-end settlement activities under the bank’s established settlement system for financial market transactions,” the statement read.

According to DAILY POST, Fixed income securities refer to investments which provide a return in the form of fixed periodic interest payments and the eventual return of the principal at maturity.

Business

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

Published

1 week 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

1 week 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.