Business
Why Buildings Collapse – Consultant
A Facility Management Consultant in Nigeria, Engr Afolabi Adedeji, is worried about the increasing incidence of collapsed buildings in Nigeria with its attendant casualities and economic losses.
Adedeji told The Tide in Lagos that the infiltration of quackery greed and corruption into the building and construction industry has made human life to: cheap, and this has left bad name to the industry.
In an interview, Adedeji who is also an environmental expert said stakeholders in the engineering and construction sub-sector should rise to the challenge of saving the industry from the bad name that is causing core professionals of patronage.
The consultant, who called for sanity in the building/construction industry regretted that landlords, developers, corporate organizations as well as those who purchase building materials exploit the situation to cut costs to the detriment of safety and good construction practice.
He identified corruption and lack of maintenance as the twin evils affecting the good intention and efforts of successive administrations at meeting the housing needs of the people. He lashed site operators who sell construction materials like cement, sand, concrete, blocks and iron rods meant for reinforcement.
“They under reinforce the concrete and put inadequate quantity of cement in the blocks, thus making them 50 brittle that they break easily,” the consultant noting that the landlords or those who procure construction materials/services deviate from the approved plans submitted to the town planning authorities even as they add additional floors, rooms and neglect to put the desired columm, beams and other structural elements on appropriate place to guarantee the strength of the buildings.
He, however, charged construction companies in Nigeria to be proactive in issue of quackery in the industry to restore its lost glory.
Business
FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions
Business
CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation
The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.
In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.
However, with time, the need has arisen to streamline these provisions to reflect present-day realities.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.
“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.
According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.
Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
Business
Shippers Council Vows Commitment To Security At Nigerian Ports
-
Featured4 days agoOil & Gas: Rivers Remains The Best Investment Destination – Fubara
-
Nation5 days ago
MOSIEND Calls For RSG, NDDC, Stakeholders’ Intervention In Obolo Nation
-
Nation5 days ago
Hausa Community Lauds Council Boss Over Free Medical Outreach
-
Nation5 days agoOgoni Power Project: HYPREP Moves To Boost Capacity Of Personnel
-
Nation5 days ago
Association Hails Rivers LG Chairmen, Urges Expansion Of Dev Projects
-
Nation5 days ago
Film Festival: Don, Others Urge Govt To Partner RIFF
-
News5 days agoNDLEA Arrests Two, Intercepts Illicit Drugs Packaged As Christmas Cookies
-
News5 days agoTroops Rescue 12 Abducted Teenage Girls In Borno
