Business
Subsidy: Nigerians Indict NNPC, Accuse Successive Govts Of Complicity

… Want Warri, Port Harcourt, Kaduna Refineries Fixed
By Joseph Ebi Kanjo, Benin
Nigerians have called on the Federal Government to be more decisive with the issue of subsidy for petroleum products in the overall interest of the masses.
Participants at a weekly discussion programme of the African Media Hangout, a platform made up of a group of diverse media professionals made the call weekend.
Discussants at the weekly programme included Professor Tony Afejuku of the University of Benin, Benin City; Pa Patrick Omhonriawho; a Publisher, Oray Osawe, and a retired News Agency Nigeria Editor, Mr. Celsius Ohain, among others.
In his contribution, Prof Tony Afejuku of the University of Benin identified Nigeria’s major problem as that of leadership, which according to him is the cause of the “subsidy woes.”
READ ALSO: NNPC Can’t Justify N6.34tn Petrol Subsidy – Customs
While calling on journalists to carry out their watch dog role by doing more investigation in the mystery behind fuel subsidy in Nigeria, Prof. Afejuku urged citizens to protest against fuel problem (scarcity) which he said has become a source of trauma, pains to Nigerians.
He said: “Nigeria has only one huge problem. What is this huge problem? The huge problem of leadership. It is the cause of our subsidy woes. With or without subsidy Nigeria will be the progressive country we want it to be if we have the right leadership; if our political leaders are political leaders and not political rulers.”
Another contributor with the username Mr Oyo said fuel subsidy is not the problem but “issue of greed and pursuit of wanton wealth at the expense of Nigerians by the country’s petroleum company, the NNPC and its management.”
Questioning Why the NNPC should be the sole importer of fuel since Nigeria fails to refine her crude, Mr. Oyo said: “Until Nigeria refines her crude locally, the solution lies in deregulation of the market so that importers can set up an independent monitoring body.”
On his part, ORay Osawe, Publisher, Navigator Newspapers, also accused the NNPC of defrauding the nation’s treasury with the payment of subsidy.
He added that since successful governments have failed to stop the payment of subsidy, it means the government itself is complicit in the fraud.
He asserted: “The NNPC has feasted on the governments’ magnanimity and is defrauding the Nigerian people in the subsidy payment.
“The problem is that top government officials are colluding with the NNPC to rape the Nigerian masses in the name of subsidy.
“This explains why successive governments lack the political will to stop the subsidy by not breaking the NNPC’s monopoly. In essence governments has been complicit, especially with a President overseeing the Petroleum Ministry.”
Also contributing to the discussion, Elder Patrick Omhonriawho popularly called PGO viewed the problem of subsidy from multiple perspectives, saying “leaders slow pace of decision making with a bicameral legislature; lack of leadership and corruption in every facets of government are a major banes.”
He added: “Our leaders slow pace of decision making with a bicameral legislature has not helped matters. This is visible in contract awards for building roads, bridges, fuel depots and rail lines.
“Lack of leadership and corruption in every facets of government is a major issue.” (Sic)
On his part, Elder Celsius Ohain, a retired Editor of News Agency of Nigeria (NAN) posited that “Fuel subsidy has become somewhat of a mysterious phenomenon in Nigeria because of the aura of secrecy and controversy that surrounds it over the years.”
According to him, “as a nation, our ‘subsidy’ does not seem to meet that acceptable universal stand but has instead become a means to bleed the nation financially.”
READ ALSO: Subsidy: I’m Sorry For The Next President – Sanusi
While noting that many persons who condemned subsidy while seeking power do the same thing when they get to power, the media practitioner urged government to fix the nation’s refineries so as to stop the importation of fuel cum subsidy.
He added: “Successive governments have done exactly the same thing they condemned on their journey to power, thus making ‘subsidy’ a jinx the nation has found it difficult to extricate itself from.
“Few years ago, there was a subsidy probe and cans or rather, drums of worms were exposed about people getting paid for importing ‘fuel’ with non-existent vessels on high seas.
“The critical question is: Why continue to import finished products when our refineries which remain in comatose could be fixed to enable local refining and export of finished product?
“Why can’t the Warri, Port Harcourt and Kaduna refineries come to life? These are begging questions. Suffice it to say that successive governments have shown lack of political will to do the needful as the lure of ‘free monies’ flowing therefrom is too attractive to ignore.”
Business
JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.
The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.
Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.
According to her, it will also curb money laundering risks associated with heavy reliance on cash.
She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.
READ ALSO:CBN Directs Nigerian Banks To Withdraw Misleading Advertisement
“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.
She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.
The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”
She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.
She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.
Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.
READ ALSO:Court Convicts Two National Assembly Staff Over CBN, FIRS Job Scam
According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.
She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.
Sike said that such withdrawals would be counted as part of the cumulative weekly limit.
The director said that banks were also required to render monthly returns to the relevant supervisory departments.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.
Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.
She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.
She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.
Business
Naira Records Depreciation Against US Dollar Across Official, Black Markets

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.
Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.
READ ALSO:Naira Records First Depreciation Against US Dollar Across Official, Black FX Markets
This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.
Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.
The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.
Business
NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

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.
READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume
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.
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