Business

Soludo Chairs Govs’ Committee On CBN Withdrawal Limit

Published

3 years ago

January 21, 2023

The 36 governors in Nigeria have resolved to set up a six-member committee led by the Anambra State, Governor Charles Soludo, to engage the Central Bank of Nigeria in addressing issues pertaining to the country’s monetary management and financial system.

The governors also resolved to collaborate with the CBN and the Nigerian Financial Intelligence Unit in advancing genuine objectives within the confines of Nigeria’s laws.

The governors arrived at the resolutions arising from its first meeting in 2023 held on Thursday, January 19, under the auspices of the Nigeria Governors’ Forum.

The NGF in a communiqué issued on Saturday signed by the its chairman, the Sokoto State Governor Aminu Tambuwal, noted that the recent NFIU advisory and guidelines on cash transactions were outside the NFIU’s legal remit and mandate.

The CBN on December 6, 2022 had directed banks, and other financial institutions, payment service bank, primary mortgage banks and microfinance banks to limit the maximum cash withdrawal over the counter by individuals and corporate firms weekly to N100,000 and N500,000 respectively adding that withdrawals above the lower limit would require processing fees of 5% and 10% respectively for individuals and corporate firms henceforth.

The apex bank further directed that third-party cheques above N50,000 shall not be suitable for OTC payment while extant limits of N10 million on clearing cheques stay, following the apex bank’s latest naira notes redesign.

Following pressure from Nigerians and lawmakers, the CBN revealed a revised upward in its cash withdrawal limit, saying individuals can now withdraw N500,000 cash weekly while corporate firms can withdraw up to N5 million cash across all channels comprising Automated Teller Machines and Point Of Sale terminals.

The NGF said the CBN governor, Mr Godwin Emefiele, briefed it on the naira redesign, its economic and security implications, including the new withdrawal policy.

The governors stressed that they were not opposed to the objectives of the naira redesign policy, however, observed that there were huge challenges that remained problematic to the Nigerian populace.

Speaking further the governors expressed the need for the CBN to consider the peculiarities of states especially as they pertain to financial inclusion.

The governors therefore resolved to “set up a six-member Committee to be chaired by Governor Charles Soludo of Anambra State, and the governors of Akwa Ibom, Ogun, Borno, Plateau and Jigawa as members, to engage the CBN in addressing anomalies in the country’s monetary management and financial system.

“Work closely with the CBN leadership to ameliorate areas that require policy variation particularly the poorest households, the vulnerable in society and several other citizens of our country that are excluded.

“Collaborate with the CBN and the Nigerian Financial Intelligence Unit NFIU in advancing genuine objectives within the confines of our laws, noting that the recent NFIU.”

Business

Again, Dangote Refinery Hikes Fuel Price

Published

3 weeks ago

May 6, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.

This is the first fuel increase by the Refinery in the month of May.

This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.

Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

3 weeks ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

4 weeks ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.