Business

Group Faults CBN Move To Redesign Naira Notes

Published

3 years ago

October 26, 2022

The Concerned Northern Forum, on Wednesday, in Kaduna State, frowned at the decision of the Central Bank Governor, to redesign the naira notes effective from December 15, 2022.

Recall that CBN Governor, Godwin Emefiele, made the announcement on Wednesday.

The group’s spokesman, Abdulsalam Kazeem, in a statement on Wednesday, in Kaduna, faulted the decision, adding that redesigning of the said naira notes will only cost the nation huge sums of money at the expense of taxpayers.

He said, “The attention of the leadership of Concerned Northern Forum has been called to a press conference organised by the current Central Bank governor in Abuja, where he stated that (the CBN) has redesigned the N200, N500 and N1000 naira notes, effective December 15, 2022.

“This is coming at a period when we are borrowing to fund significant parts of our annual budget and another significant part of the borrowing goes to debt servicing and yet the only solution the apex bank could offer is to redesign our currency.” He said

“We are concerned as representatives of our people and region. If we may ask: will the new design make our currency to gain value at the exchange rate market? Will it add value to the standard of living of the citizenry of our region and the nation at large? These are some questions begging for immediate answers.

“To set the record straight, look at the current exchange rate of a Naira to a dollar or pounds and you will agree with us that our currency has lost its value completely and what we need now are serious economic policies that will strengthen our Naira against dollar and pounds and anything short of this is unacceptable by us. Because we believe this would inflict more against the value of our revered naira.

“The decision to redesign the Naira is obviously to empower some certain individuals, consultants or contractors who are desperate to make something before the end of the current administration. This idea should be rejected by all and sundry at any rate, since it’s not in the interest of the nation and it will add no value to the current multiple economic challenges the nation is facing due to bad economic policies of the current central bank governor,” he said.

Business

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

Published

5 hours 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

5 hours 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

1 day 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.