News

No Limit On Cash Transaction –CBN

Published

15 years ago

July 6, 2011

The Central Bank of Nigeria (CBN) has not placed any limit on cash transactions in the country, Mr Tunde Lemo, the Deputy Governor, Operations, said in Abuja yesterday.

Lemo told newsmen that the apex bank was encouraging banks to shift the cost burden of heavy cash management to few customers that engaged on such transactions.

“The central Bank has not placed any limit on cash transactions. Rather, the CBN is formally encouraging banks to shift cost burden of heavy cash management to customers conducting high volumes of cash transactions in the banking halls.

“Individuals and corporate bodies who are desirous of such cash usage should be willing to pay for the cash services being offered by the banks,’’ he said.

According to him, 90 per cent of Nigerians do not carry out cash transactions that are up to N150,000 in their various accounts daily.

He added that the apex bank pegged the charges on over N150.000 withdrawals at 10 per cent but may still change it after due consultations.

Lemo said that the idea of charging was set after considering the need to protect low income earners and savers.

“It should be clarified that the policy does not prohibit the withdrawal of more than N150,000.

“Those that still wish to conduct heavy cash transactions with their banks are free to do so within the provisions of the directive,’’ he said.

He said that banks were committed to an aggressive roll-out of ATMs at Points-of-sale (POS) and other electronic channels to ensure that it was readily available to the high cash driven individuals and businesses.

According to him, CBN has bent the rule and banks will be allowed to have ATMS outside their premises for smooth operations.

He added that the CBN and bankers committee would be implementing an e-payment rollout programme that would deploy additional 40,000 POS and 10,000 ATMs before Dec.31,2011.

He said that POS would be increased to 375 and ATMs to 75,000 by December 2015, adding that it would be deployed with strict rules on high uptime and availability.

Lemo said that the apex bank planned to roll-out the policy with a pilot start with Lagos from Jan. 1, 2012.

“Following the proof of concept, the roll-out will continue to the remaining identified cash dominant localities with effect from June1, 2012.’’ he said.

On communication Infrastructure challenges, he said that the CBN and bankers committee had commenced concrete actions to ensure that priority was given to payments related to data traffic by telecommunication networks.

He added that an agreement had been reached to provide dedicated channels for transactions over the point of sales.

On power, he said that the CBN had agreed on minimum POS standards with specific adequate battery lifespan to support uninterrupted availability of service of the terminals.

“In addition, the CBN will stipulate and enforce minimum uptime for ATM and POS. Providers of these services will be held to minimum availability standard.

“The non-acceptance of some cards over the POS owned by certain payments’ networks due to lack of interoperability is equally being addressed,’’ he said.

“POS service providers and banks have been issued a clear directive, through the policy, to vacate any existing contract which is restrictive to card usage with effect from June 1, 2012.

“The CBN has commenced compliance checks,’’ he said.

Lemo noted that the CBN was mindful of the need for careful implementation adding that implementation will take effect from June 1, 2012 in selected areas of the country.

He said that other African countries were making progress in reducing the level of cash transactions in the economy, adding that Nigeria should not be left out.

“Nigeria currently has 13 POS per 100,000 adults whereas Uganda has 453 POS per 100,000 adults, South Africa has 1,063 per 1000 adults and Brazil, 2,247 POS per 100,000.

“If Uganda could take the bold step to embrace more efficient payments options some years ago, it is very clear that Nigeria requires an aggressive POS and other electronic payment rollout to realise the vision of being one of the 20 biggest economies in 2020,’’ he said.

News

Cleric Predicts Breakthrough, Warns of Political and Security Challenges in 2026

Published

20 hours ago

January 12, 2026

The Tide

The Founder and Senior Pastor of Liberty Hour Ministry, Port Harcourt, Apostle Chikadibia John Wodo, has expressed optimism that 2026 will usher in uncommon breakthroughs and good fortune for Nigeria, particularly in the areas of political, economic, and spiritual development, with Rivers State playing a key role.

Apostle Wodo made this declaration in his special New Year message, where he stated that individuals and forces standing as obstacles to the manifestation of God’s will in the new year would face bitter consequences. He cautioned that corrupt political leaders risk backlash from the very people they govern if they fail to change their ways.

The cleric warned against the escalation of political tension in Rivers State and called on residents and religious leaders to intensify prayers for lasting peace. He also urged Governor Siminalayi Fubara to remain resolute in leadership, reminding him to uphold his vows to God by continually seeking divine guidance in decision-making and governance amid evolving challenges.

Assessing the broader national situation, Apostle Wodo called on Nigerian leaders to repent and govern with a heightened sense of responsibility, noting that the cries and supplications of the masses have drawn divine attention. He further warned of alleged plots to disrupt a smooth democratic transition in 2027 and appealed for prayers to avert such an agenda.

According to him, Nigerians are yearning for genuine socio-economic transformation and freedom from political oppression. He challenged the Independent National Electoral Commission (INEC) to redeem its credibility by ensuring free, fair, and credible elections devoid of undue political interference.

The cleric also predicted that insecurity could worsen in the coming year and warned of the possible emergence of a strange ailment, stressing that Nigeria’s political challenges can only be resolved through equity, fairness, and justice, especially in the treatment of minorities, the vulnerable, and the disadvantaged.

Apostle Wodo further claimed that some clerics and General Overseers have compromised their faith and incurred divine displeasure, calling for sincere repentance to restore their relationship with God. He also advised early preparedness to mitigate natural disasters such as fire outbreaks and flooding, particularly in rural communities.

He concluded by urging Nigerians to remain prayerful, vigilant, and united as the nation navigates the opportunities and challenges of 2026.

News

Ado Royal Family Disowns Alleged Installation of Amanyanabo of Okrika

Published

20 hours ago

January 12, 2026

The Tide

The Ado Royal Family of Okrika has firmly disassociated itself from the alleged self-enthronement of Hon. Godknows Tam George as the Amanyanabo of Okrika and Clan Head, describing the action as unlawful, illegitimate, and a threat to the peace of the ancient kingdom.

The family, which described itself as the sole legitimate custodian of the history, traditions, and stool of the Amanyanabo of Okrika, stated that it has not installed any king and has not commenced the formal process for such installation.

This position was contained in a statement jointly signed by Prof. Sotonye Fyneface-Ogan (Ogan Ado Royal House), Alabo Engr. Henry Semenitari Abam (Abam Ado Royal House), and Alabo Prince Oriyeorikabo Fibika (Fibika Ado Royal House). The statement was presented to journalists on Friday at the Nigeria Union of Journalists (NUJ) Press Centre, Moscow Road, Port Harcourt.

According to the statement, the purported action by Hon. Tam George amounts to “a blatant assault on the collective integrity of the Okrika people” and constitutes “a criminal act of impersonation with the potential to destabilize the peace and socio-political fabric of our ancient kingdom.”

The family stressed that Hon. Tam George was never presented as a candidate by the Ado Royal Family and did not undergo any of the mandatory rites, consultations, or confirmations required by Okrika customs.

“The Ado Royal Family has never presented him as a candidate, nor has he undergone any of the prerequisite rites, consultations, or confirmations. His actions are those of a lone interloper, operating in a vacuum of legitimacy,” the statement read.

It further emphasized that the stool of the Amanyanabo of Okrika and Clan Head is a sacred institution rooted in centuries-old traditions and spiritual heritage, not something to be claimed through academic qualifications, political ambition, or personal interest.

Speaking during the briefing, Prof. Sotonye Fyneface-Ogan reiterated that the process of crowning an Amanyanabo is clearly defined and has not yet begun.

“To crown a king, there is a process, and those processes have not taken place,” he said. “We are the chiefs; we are the ones that will be part of the selection. Honestly, we have not started the selection process; we have only begun discussions.”

He explained that during the proper selection process, chiefs supervise nominations from each constituent house, with each house expected to nominate two or three candidates—steps which, he noted, have not been carried out.

“I want to assure the public that none of the Ado family chiefs has given Hon. Tam George any sign of approval,” Prof. Fyneface-Ogan added.

Efforts to obtain the reaction of Hon. Godknows Tam George proved unsuccessful. Repeated attempts through phone calls, text messages, and WhatsApp messages were unsuccessful, as he did not respond as of the time of filing this report.

By: Tonye Orabere

News

PH Traders Laud RSG’s Fire Safety Sensitisation Campaign

Published

21 hours ago

January 12, 2026

The Tide

Traders in Port Harcourt, Rivers State, have commended the Rivers State Government (RSG) for its ongoing fire emergency and safety sensitisation campaign across major markets in the state.

Speaking on behalf of traders at Nowa Market, Borikiri Old Port Harcourt Township, the market chairman, Mr. Innocent Chukwuma, praised Governor Sir Siminalayi Fubara for initiating the awareness programme in designated markets and public places.

Chukwuma described the exercise as timely and impactful, noting that it was the first time the Rivers State Government had carried out such a campaign in Nowa Market. According to him, the sensitisation would educate traders on fire emergencies and the necessary precautions to prevent outbreaks.

He urged traders to strictly apply the safety measures taught during the campaign, both during business hours and after closing their shops.

“I want to thank the Rivers State Governor, Sir Siminalayi Fubara, and the Ministry of Special Duties for coming to our aid, especially during this dry season,” Chukwuma said.

“This is the first time we are seeing government presence in our market in this manner. We lack words to thank our God-sent governor, particularly for providing us with fire extinguishers and other firefighting equipment.

“We will do exactly what we have been taught today to ensure there is no fire incident in our market. We will always switch off all electrical appliances before closing for the day,” he added.

Similarly, the Chairman of Mile 3 USTRE Modern Market, Mr. Gift Nkesi Benjamin, applauded the state government for the distribution of fire extinguishers and other fire safety equipment.

“We will adhere strictly to the safety guidelines and instructions given to us today to ensure there is no fire outbreak in our market,” Benjamin stated.

“On behalf of Mile 3 USTRE Modern Market, I sincerely thank the Rivers State Government and the Ministry of Special Duties for bringing this important campaign to our market.”

At Rumuwoji Market (popularly known as Mile 1 Market), the Chairman, Chief Hon. Godpower O. Wobo, also expressed gratitude to the state government for the sensitisation exercise. He assured that traders would comply fully with government directives to prevent future fire incidents.

Responding on behalf of Governor Siminalayi Fubara, the Permanent Secretary of the Ministry of Special Duties, Mr. Sokari D. P. George, thanked the traders for their cooperation and warm reception.

He emphasised that safety remains paramount, especially during the dry season, and urged traders to be cautious in their daily activities.

Mr. George disclosed that the theme of the 2025 fire safety campaign is “Controlled Fire Is a Friend, Uncontrolled Fire Is an Enemy.”

He cautioned against refuse and bush burning around buildings and warned traders not to store fuel in unauthorized places such as homes, offices, markets, or public buildings.

“Follow all fire safety guidelines and instructions,” he urged.

The permanent secretary also noted that Governor Fubara prefers a zero-fireworks approach during festive periods to ensure public safety, stressing that the government has invested heavily in markets and expects traders to take responsibility for protecting them.

By: Kiadum Edookor