Business
PoS Transactions Grow By 40%, E-payment Hits N39.58tn – NIBSS

Naira’s scarcity caused by the Central Bank of Nigeria’s redesign and cash withdrawal policy has pushed Point of Sales transactions to N807.16bn in January 2023.
This is a 40.69 per cent year-on-year increase from the N573.72bn transactions that was done in January 2022. According to new data from the Nigeria Inter-Bank Settlement System, total cashless transactions in Nigeria rose by 45.41 per cent y-o-y to N39.58tn in January 2023.
The NIBSS monitors cashless transactions through the Nigeria Instant Payment System and Point of Sales terminals. Total NIP transactions for the period rose by 45.52 per cent y-o-y from N26.65tn as of January 2022 to N38.77tn as of January 2023.
The usage of electronic channels for transactions grew by 45.50 per cent y-o-y from 438.48 million times to 638 million times in the period under review. According to the NIBSS, there were 955,234 deployed PoS terminals in the country as of January 2022.
In 2022, the CBN announced a Naira redesign policy, withdrawal limits, and encouraged Nigerians to adopt electronic forms of transactions.
The CBN said, “The maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations shall be N500,000 and N5m resepectively.”
It added, “Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.”
According to the CBN, the use of case payments will reduce in the country by 2025. It stated this in its Payments Vision 2025 document.
It explained that by 2025, the country will have a cashless and efficient electronic payment system infrastructure to service all the sectors of the economy.
It said, “The use of cash will naturally slow with the ‘mobile first generation’, which will be economically active by 2025, hence one of the focuses of the PSV 2025 is enhancing the cashless policy of the CBN”, the document stated.
“As we implement the PSV 2025 agenda, the CBN will continue to ensure that the Nigerian payments system is widely utilised domestically, supports government’s financial inclusion objectives, and meets international standards while contributing to overall national economic growth and development of Nigeria.”
Implementation of the policy has been postponed from its initial January 31 deadline to February 10. This new deadline is now subject to a Supreme Court judgement that has restrained the Federal Government from implementing its deadline.
Since the policy was announced, Nigerians have been subject to long ATM queues, buying of the naira, failed transactions, and problems with banks’ mobile applications.
Banking halls across the country have emptied as frustrated customers resort to other means of cash withdrawal. Riots have also broken out in various states of the country over naira scarcity, and angry Nigerians have attacked banks in some locations.
READ ALSO: CBN, ICPC, CSO, Others Monitor POS Transaction In Edo Markets
According to the National President, Association of Mobile Money and Bank Agents in Nigeria, Victor Olojo, the cashless policy has forced people to go digital.
He said, “The cashless issue forced people to move to digital, to PoS. The policy contributed to that growth. People had to seek alternative channels aside from cash so this is expected. But this is not all from PoS withdrawals, we have merchants, businesses, and supermarkets. All other sectors using PoS to transact contributed to it.”
Commenting on how PoS operators have been accessing cash, he added, “Cash has also not been available to operators, most of them have shut down. And those who are getting cash are seeking it from other alternatives, marketplaces, filling stations, pharmacies, and they get it at a cost.”
PUNCH
Business
Fixed Income: CBN Announces Fresh Regulations To Control Nigerian Market

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.
READ ALSO:CBN Establishes New Unit To Tackle Financial Crime
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

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.
READ ALSO:Okpebholo Warns Companies Against Fuelling Edo–Delta Boundary Dispute
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.
READ ALSO:JUST IN: Okpebholo Nominates Another 5 Persons As Commissioner-designates
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’

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.
READ ALSO:Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments
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?”
READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution
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.
- Headline5 days ago
Church Scaffold Collapse Kills 36
- News3 days ago
JUST IN: Court Bars Police From Enforcing Tinted Glass Regulation
- News5 days ago
Killings: 130 Pan-Yoruba Groups Petition UN Secretary-general, Warn Of ‘Looming Genocide’
- Metro5 days ago
Edo Police Kill Two Suspected Kidnappers In Gun Duel
- News5 days ago
NAFDAC Orders Removal Of 101 Products, Warns against Sale, Use
- Metro5 days ago
20 Feared Dead In Kogi Boat Mishap
- News4 days ago
JUST IN: NSCDC Commandant, Slumps, Dies In Edo
- News5 days ago
FG, Nigerian Army Intensify Forces To Combat Proliferation Of small Arms, Light Weapons
- Headline5 days ago
Rescuers Pull Survivor From Indonesia School Collapse As Parents Await
- News3 days ago
Edo: Pandemonium As NDLEA Operatives Chase Escaping Driver With Shooting