Business

Terrorists Brandish New Notes In Viral Video [Watch]

Published

3 years ago

February 2, 2023

A notorious terrorist leader, Kachalla Baleri, has been seen in a viral video displaying wads of new naira notes amid a scarcity of the naira.

Investigation revealed that banking halls across various commercial banks in Lagos, Osun, Ekiti, and other parts of the country witnessed minimal activity as frustrated customers resorted to alternative means of cash withdrawal following the scarcity of naira notes in the banks.

Checks revealed that while most banking halls were empty due to the paucity of funds in bank vaults, large crowds had formed outside some of the few banks that were rumoured to be preparing to load their Automated Teller Machines.

But the bandit leader, in an unverified video released online on Wednesday, claimed that he had enough of the new naira notes.

Baleri, who spoke in the Hausa language in the two minutes 20 seconds video clip, claimed he had up to N10 million of the new naira notes.

He also claimed he had enough new naira notes to purchase more weapons. The new naira notes in his possession were ransom he allegedly received from relatives of abductees, according to some defence blogs.

The PUNCH reports that Kachalla was one of the 19 bandits/terrorists kingpins that were declared wanted by the Defence Headquarters in November 2022.

The military high command also placed a N5m bounty on each of them to encourage Nigerians to volunteer information that could lead to their arrest.

A former Director, Defence Information, Major General Jimmy Akpor, confirmed the authenticity of the list to our correspondent in November. Also, the DHQ urged the public to provide information that could lead to the arrest of Kachalla and others.

However, in the viral video seen by our correspondent on Thursday, Kachalla and his gang members who spoke in the Hausa language, could be seen displaying some currency notes.

Posting the video on Thursday morning, a defence blogger, with the Twitter handle @Edrees4P, tweeted, “Short video clip of a terrorist leader Baleri displaying new naira notes claiming that he has more than enough to buy more weapons.”

Also, posting a photo of Baleri, a defence blog, @DefenceTimesNG tweeted, “Scarcity of Naira: Notorious bandit leader Kachalla Baleri release video clip displaying new naira notes he received from N10million naira ransom in N200, N500, N1000 denominations.”

Daily Trust had on January 26 reported that some bandits rejected a N5.3 million ransom which was paid to them with the old naira notes, saying the deadline for their usage was fast approaching.

The newspaper learnt that the leader of the bandits, who raided Azara, Janjala and Kadara communities in Kaduna State on December 12, 2022, and kidnapped 37 people, asked the relatives of the victims to return the old naira notes when they brought them for ransom payment.

Instead, he requested foodstuff, drugs and wine before freeing two nursing mothers and three men among the abducted 11 people from Azara community in Kachia LGA.

The PUNCH reports that operatives of the Independent Corrupt Practices and Other Related Offences Commission stormed two banks in Bauchi State on Tuesday to monitor the cash disbursement exercise, as the agency noted that the operation would spread across the country.

It was gathered that the operation which was still ongoing was being carried out by a joint task force comprising operatives of the ICPC and its sister anti-graft agency, the Economic and Financial Crimes Commission, and staff members of the Central Bank of Nigeria.

The raids came a few days after the CBN Governor, Godwin Emefiele, said the apex bank would collaborate with law enforcement agencies such as the ICPC and the EFCC, to track heavy withdrawals.

The PUNCH reports that the CBN had extended the deadline for the validity of the old N200, N500 and N1,000 notes from January 31 to February 10.

On Wednesday, on Wednesday, the ICPC arrested an Abuja-based Twitter user, Oluwadarasimi Omoseyin, with the handle @SimisolaGold and Twitter name Simisola of Lala, for offering new naira notes for sale on social media.

The EFCC on Tuesday disclosed that it had arrested members of a syndicate of currency racketeers trading in the redesigned naira notes at Zone 4, Wuse and Dei-Dei axis of the Federal Capital Territory, Abuja.

Also, the DSS revealed on Monday that its operatives arrested some currency traders who had turned the sale of newly redesigned notes into brisk business.

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Business

NNPCL Raises Fuel Price

Published

2 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

3 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

3 weeks ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.