Business
Expert Calls For Environmental Safety In Mining Sites
An environmentalist,
Aisha Okunade, yesterday called on relevant authorities to ensure environmental safety in mining sites through effective regulations.
Okunade, who is a lecturer, School of Environmental Studies, Kaduna Polytechnic, made the call in an interview with newsmen in Kaduna.
“The effect of mining is being compounded by the continues rise in water level, thereby exposing those who reside near river banks and flood-prone areas to the risk of flood.
“The demand for sand and gravel for construction has been on the increase across the country and there is the need for regulation,” the environmentalist said.
She noted that mining operators, in conjunction with recognised resource agencies, should work hard to ensure that miners who excavate sand do so to protect the environment.
Okunade described excessive in-stream sand mining as a threat to bridges, river banks and nearby structures, putting them at risk of collapse.
“There has to be periodic assessment of how much sand can be sustainably mined, as the quantity can vary from a river to river and within a river from stretch to stretch.’’
Illegally dredged sand, Okunade added, was equivalent to robbing water.
“Sand holds a lot of water and when it is mindlessly mined and laden on to trucks, large quantities of water are lost in transit,“ she said.
Okunade, however, advised that limits should be placed on the quantities of sand that could be mined.
“There needs to be restriction as thousands of tonnes of sand are being illegally mined to meet the rising demand of construction industry and for extraction of minerals”, she said.
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.
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