News
Oil Marketers Reject Old Naira Notes Despite CBN Directive
Oil marketers, on Monday, insisted that they were no more interested in the old naira notes and would not collect them from the public, despite claims that the Central Bank of Nigeria had cleared the bills for the transaction.
It was also gathered that Deposit Money Banks had yet to communicate any directive to oil marketers as regards the collection of the old naira notes.
Marketers of Premium Motor Spirit, popularly called petrol, and other petroleum products, told our correspondent that since the Federal Government had redesigned the naira notes, it should make it surplus and stop putting Nigerians into confusion.
“They said they have redesigned the naira, and if they have done that, then the Central Bank of Nigeria should release the new money. Why are they taking us backwards and confusing people? What are we going to do with the old money?” the Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, stated.
READ ALSO: JUST IN: At Last, CBN Breaks Silence, Says Old Naira Notes Remain Legal Tender Till December
He added, “The Federal Government said it had directed the CBN to destroy the old notes and that the notes cease to be legal tender. So as far as we are concerned, and as businessmen, it will be very difficult to go ahead and start collecting that money.
“For it is until we hear that banks have started collecting it before we will start collecting it from the public. But as far as we are concerned, we will not collect any old money in any of our petrol stations.”
He said the banks “have not told us to collect the old notes, and even the new notes, we are not seeing them. Majorly the fuel we are selling is through bank transfers and Point of Sale service, which is cashless.”
Shuaibu argued that President Muhammadu Buhari had said that his directive was for the CBN to destroy the old N1,000 and N500 notes, and that they ceased to be legal tender.
READ ALSO: Naira: CBN Has No Reason To Disobey Court Orders — Presidency
“So where are the old notes coming from? And if not for the network problem we encounter in Nigeria, this cashless policy is the best,” the IPMAN official stated.
He stressed that if the Federal Government was insisting on the redesigned new notes, it should make it surplus and allow it to circulate.
Commenting on the judgement of the Supreme Court, Shuaibu said, “Based on that judgement, we now have two types of N1,000 notes – old and new, as well as N500 notes. Now, which one is the authentic legal tender?
“The Federal Government said it had stopped the old notes, and the Supreme Court said people should transact with it till December, please, which one should we follow?
READ ALSO: Naira: Malami, Emefiele On Their Own On S’Court Judgement – Presidency
“If we are going to be using both, it means we will have two types of N1,000 and N500 notes in circulation. Is this not going to create confusion? The CBN should come out and tell us, or tell the commercial banks.”
He said the commercial banks should then tell the oil marketers, in order to have a seamless flow of cash across the country.
“But as far as we are concerned, those of us in this business, we don’t even want that old money again and we are not going to collect it.
“However, as I’m talking to you now, if the banks had asked us to collect the old notes, I will be the first to accept it and deposit same to the banks. But honestly, there’s nothing like that now,” Shuaibu stated.
News
N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs
First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.
The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.
At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.
Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.
READ ALSO:I’ve Been Blacklisted In Music Industry For 13 Years – Seun Kuti
Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.
“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.
“Women-led enterprises are critical to economic activity, yet they face structural barriers.
This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”
“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).
READ ALSO:My Beef With Wizkid Is For Life – Seun Kuti
“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”
Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.
Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.
Applications for the zero-interest loan are now open.Apply now.
News
Xenophobic Attacks: Oshiomhole Tells FG To Retaliate Against South African Companies In Nigeria
Senator Adams Oshiomhole has called on the Federal Government to retaliate against South African businesses operating in Nigeria following the recent attacks on Nigerians in South Africa.
Speaking during plenary on Tuesday, Oshiomhole said the Federal Government should consider revoking the working license of South African owned companies such as MTN and DSTV.
He argued that Nigeria must respond firmly to what he described as persistent hostility against its citizens.
READ ALSO:South Africa To Investigate ‘Mystery’ Of Planeload Of Palestinians
“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.
He argued that while some South Africans accuse Nigerians of taking their jobs, Nigerians should return home and take over employment opportunities created by major South African companies operating in the country, including MTN and DSTV.
“When we hit back, the President of South Africa will not only talk but will also go on his knees to recognise that Nigeria cannot be intimidated.
READ ALSO:South African Ambassador Found Dead Outside Paris Hotel
“We will not condone any life being lost. If a crime has been committed under the South African law they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that,” Oshiomhole added.
DAILY POST reports that several Nigerians in South Africa have reportedly been attacked, and their businesses destroyed, in ongoing xenophobic attacks in the country.
News
IGP Orders Officers Display Name Tag On Uniform, Gives Update On State Police
The Inspector General of Police, IGP, Tunji Disu, has ordered all police personnel to always have their name tags on their uniforms for easy identification.
Disu disclosed that only police personnel who are undercover are exempted from displaying their name tags.
Speaking on Tuesday, Disu said: “All police officers should have their name tags. All of us on the high table have our names apart from the undercover among us so if you look at all the Commissioners of Police we have our name tags, so it’s not our standard.
READ ALSO:
“All the Commissioners of Police are here and that is why we called this meeting, we have list of things like this that we will want to discuss with the Commissioners of Police, we have told them earlier and we will still let them know that every that happens within their area of jurisdiction falls under their control.”
On the issue of state police, the IGP said: “Since we got the signal that the Federal Government of Nigeria intend to establish State Police and since we are the federal police, we decided to take the bull by the horn and put down our own side of what we believe on how the state police should be run.
“A lot of things were taken into consideration, a lot of comparative analysis was done and it has been transmitted to the National Assembly.”
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